Further correction likely as investors stay wary

Philippine share prices are likely to drop again this week as a looming interest rate hike by the US Federal Reserve, as well as mounting controversy surrounding the next Administration’s possible appointments, prod investors to sell their positions on the local bourse.

Victor Benavidez, general manager of Alakor Securities Corp., said the market is seeking clearer signs from the Fed, which has taken a hawkish stance, and the personalities that will form the next economic team of the incoming government.