“For now, I expect the local market to move sideways with a downward bias next week as inflation concerns may take center stage again,” said Philstocks Financial Research Manager Japhet Tantiangco.
He said investors may also take cues from upcoming economic data including the Philippine labor force survey, foreign trade data, and foreign direct investments data. “The relative monotone in April plus crucial macro movements in May will pressure prudent funds to withhold deployments or keep more dry powder until the broader picture becomes more conducive for bolder plays,” it added.
COL also has a BUY rating on Cebu Air because “We think that the reopening of international borders of neighboring countries should boost international flights and average fares.”