‘Pullback scenario more favorable for our market’

SHARES OUTLOOK FOR THE WEEK:

THE stock market could go either way this week following Friday’s plunge, analysts said, with investors expected to be on the lookout for news about a massive loan default that has hit bank shares and overseas developments.

“A pullback scenario is more favorable for our market right now as we don’t want to see it go ‘too far, too fast’ and it also gives more investors the chance to get in at lower prices,” Eagle Equities, Inc. research head Christo-

“Whichever way it goes ... we are still extremely bullish on this market,” he added.

The benchmark Philippine Stock Exchange index ( PSEi)

weighed down by news that Subic-based shipbuilder Hanjin Heavy Industries and Construction Philippines would be unable

banks. The wider — BDO Unibank Inc., Rizal Commercial Banking Corp.

of the Philippine Islands (BPI) —

Land Bank is not.

RCBC All of the Philippines, fell by Shares 9.12 also percent -

P77.95 and BDO fell to as low as P127.80 during intraday trading

The financials sector subse-

Friday’s plunged bucked a regional rally. Elsewhere in Asia, investors continued to ride on optimism generated by fresh USChina trade talks and news that the US central bank would likely slow the pace of interest rate hikes.

US and European markets, however, slipped.

In an interview on Sunday, Timson Securities Inc. trader Jervin de Celis said that among the data investors are expected to watch out for include China’s fourth-quarter growth.

to be released next week.

“If estimates are correct, I think it may renew fears among investors about the slowing Chinese economy and it might cause our index to retest the 7,700 to 7,800 range,” de Celis said.

Other developments that could influence markets this week include a Brexit vote and fourth-quarter results from major