“Definitely, there’s a lot of room for a huge recovery for next year, although from where it is at the moment, 7,200 to 8,000 is still a very attractive gain for the index,” Enriquez said.
Looking at the coming year, Enriquez said the local equity market would continue to benefit from a low interest rate environment. He believes after slashing policy rates by a total of 200 basis points this year, the Bangko Sentral ng Pilipinas might do another cut. In the last 15 years, however, Philippine stocks have traded at an average of only 15 times the projected earnings.If earnings growth would make a surprise on the upside, Enriquez said the PSEi could even perform better.
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