Do Not Read This: Diego Cagahastian from Opinyon
Do Not Read This

Bullish on the market

Oct 19, 2021, 12:08 PM
Diego S. Cagahastian

Diego S. Cagahastian


STOCK brokers track the Philippine Stock Exchange every minute, every hour and every day, so that they are the experts that media seek for knowledgeable predictions on where this bellwether of the national economy will go.

Wilhelmino Agregado, president of VC Securities, told pretty Raine Musngi of ANC that the "market is targeting 7,400 for year-end.

But in the next few weeks, chances are we will reach 7,400 (already). Looking at the remaining months, I'm looking at 7,700 to 8,000 by the end of the year."

Meanwhile, Ed Francisco, president of BDO Capital, attributes the nascent bullish moves in the market to "revenge spending, revenge tourism, and the coming elections."

Francisco said they were looking at 7,000 to 7,200 as the market year-end score, and "if we close at 7,400 - 7,500 we should be extremely happy already."

He noticed that investors are now interested in banks and property sectors, as these stocks have long been moving sideways with their prices.

The BDO Capital executive, however, is not scared that the three most active stocks -- Monde ($:MONDE), Converge ($:CNVRG) and Acen ($:ACEN) -- have been experiencing falling prices lately because to him, this is just a natural pullback or correction, as early investors have been taking profit.

But he believes that these three stocks are good and stable companies and their valuations will soon bounce back as the government continues to ease up mobility restrictions all over the country and the hospitals utilization rate normalizes.

Monde was most active yesterday, down to 15.20 for a -7.20% loss; followed by Converge with 28.00 down by -11.95% and Acen, 10.80, down by -4.59 percent.

Those who believe in the future of these stocks are buying the dip.

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