ASSET manager Manulife Investment Management Plc. said the worst may be over for the Philippine economy and prospects are now better for the local financial market in the remaining months of the year and may start to do good by next year.
“We do think that there is scope for the Philippines to catch up in terms of regaining its lost ground versus the pre-Covid trend, the domestic recovery should come into its own and a little bit stronger,” Trinh said. “The recent pullback in global commodity prices suggests that the worst of the terms of trade shock could be behind us as well. And then we continue to see the strong domestic demand as a way to insulate from external shocks.
“For equities, when you look at current market pricing, the Philippine market appears somewhat oversold on both a cyclical and structural basis; when you look at the extent of the multiple compression to date as well as forward earnings expectations,” Trinh said during a market briefing last Thursday. “So we do think that the outlook ahead looks much more constructive than it has in the last six months for instance.
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