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Stocks to move sideways as year comes to a close - BusinessWorld Online

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The bellwether Philippine Stock Exchange index (PSEi) declined by 35.91 points or 0.54% to close at 6,541.03 on Friday, while the broader all shares index lost 9.79 points or 0.28% to 3,432.47. READ:

PHILIPPINE STOCKS may move sideways in the last trading week of the year as investors price in economic concerns that may linger in 2023.

Week on week, the PSEi closed higher by 44.53 points or 0.69% versus its close of 6,496.50 on Dec. 16. “Investors are expected to weigh economic concerns that could still be present next year including the country’s high inflation, the monetary tightening of the Bangko Sentral ng Pilipinas and the Federal Reserve, and the possible global economic slowdown, against hopes that next year would still be a robust one for our local economy, particularly its growth, despite the aforementioned challenges,” Mr. Tantiangco said in a Viber message.

“At this level, the price is around 13x forward earnings. While this supports broad optimism, there is some wisdom to picking apart the basket and aiming for the crème de la crème — the high yield, recession-resistant plays that have their multi-year growth stories intact,” it said in a report. “As the curtains close for 2022, eyes are trained towards 2023 and the movers for the first quarter of the year.

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