“The local market may still take cues from our COVID-19 situation. Last week, our case counts have averaged 17,705 per day, lower compared to the preceding week’s 20,280. If the decline continues, then it may spur positive sentiment in the market,” said Philstocks Financial Senior Supervisor for Research Japhet Tantiangco.He added that, “Investors are also expected to watch out for the government’s decision on the social restriction measures of the country after September 30.
While the market shrugged off the Fed’s and BSP’s dovish move on policy rates as expected, online brokerage firm 2TradeAsia.com said “CPI woes are likely to remain in the medium-term, as consumer demand gets the extra boost from election-related purchases.” It also pointed out that, as 9-month earnings reporting looms, there may be more incentive to shift towards the “old reliable” or “those large to mid-caps that have the war chest to go full blast in 2022.”
While most investors are now waiting for third quarter earnings reports to decide which stocks to buy, Abacus Securities Corporation is recommending Ayala Corporation as its market price has yet to reflect recent surges in the prices of its subsidiaries.
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