bin picking-Where is the bear market headed?

bin picking-Where is the bear market headed?

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MANILA — Stock prices may have "bottomed out" or reached their lowest possible levels before bouncing back, an analyst said Friday, as the market plunged deeper into bear territory.

With net foreign selling at close to $1.2 billion year to date and average foreign ownership at 20 to 24 percent, outflows could be ending, said Julian Tarrobago, who manages $bin picking2 billion for ATRAM Alpha Opportunity Fund.

"I actually think the downside is fairly limited," Tarrobago told ANC's Market Edge with Cathy Yang.

"Those who wanted to sell, a lot of them are in the process of unwinding their positions," he said.

Philippine shares close in bear market territory

Tarrobago said he saw the support level for the Philippine Stock Exchange Index at 6,800 points. It was down 0.42 percent to 7,086.36 at noon Friday.

Tarrobago said his fund outperformed the market with the help of cash that it built from the start of the year. ATRAM Alpha declined 6 percent year to date compared to the 15-percent decline in the broader market.

The PSEi closed in bear market territory last Wednesday, when the decline from its January peak reached the 20-percent minimum.

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