INVESTORS will keep a wait-and-see stance and hope for a catalyst to spur the market out of its current tight consolidation range as prospects of higher Federal fund rates lure foreign money back into dollar-backed assets.
“As you can see, the market is just really [on a] wait-and-see mode. Your biggest most crucial catalyst here is the comprehensive tax reform package. The problem with that is it looks like it got delayed—it’s not going to get passed in July,” Miguel Agarao, Wealth Securities Inc. analyst, said in a phone interview.
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