COL Financial Group, Inc expects the Philippine Stock Exchange index (PSEi) to end at the 8,600 level by the end of the year, revising downward its earlier projection following higher than expected inflation figures and the continued outflow of foreign funds from the local market.
The local brokerage firm counted a number of risks that the bourse encountered during the first half of the year, including faster inflation, delays in the implementation of rate hikes by the Bangko Sentral ng Pilipinas, and the movement of funds away from emerging markets (EM).

This prompted the group to lower its end-2018 projections by 7.5%, from the 9,300 level it predicted last February.
“The good news is negatives have already been priced in. In terms of valuation, (stocks) are already very cheap,” COL Financial Chief Equity Strategist April Lynn C. Lee-Tan said in a media briefing in Ortigas Center on Monday. — Arra B. Francia