Despite the prevailing downtrend, those surveyed by COL said they remained heavily invested in the Philippine Stock Exchange.
Fausto noted 71 percent of the survey participants were expecting to add to their stock market positions in the next three to six months. “They are considering to increase their exposure, still on equities, plus other investments such as local funds, global fund and corporate bonds as part of their strategy in terms of asset allocation,” Fausto said.Despite uncertain prospects in the short term, COL chief equity strategist April Lynn Tan said a possible earnings downgrade in 2022 and 2023 were “already priced in.” Large company buybacks and insider buying could also indicate the bottom was near, she said.
“Commodity prices are going down. If they do rally, it is an opportunity to lock in gains,” Tan said. COL’s top picks include MREIT Inc., Citicore Energy REIT Corp., Aboitiz Power Corp., Converge ICT Solutions Inc. and Universal Robina Corp.Traders using technical indicators were advised to exercise caution since the prevailing downtrend was “still very much in play,” said Juanis Barredo, COL chief technical analyst.
“Until we can see ourselves wrestle away from that particular trend, I really have to caution optimistic views that I have until we can see the market show some strengthening of its legs,” he said. INQ
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