NextGen Day

The Philippine Stock Exchange index (PSEi), after restructuring into a corrective consolidation, is anticipated to rise to a range between 7,500 and 8,250 this year, according to online stockbroker COL Financial Group.

The PSEi has witnessed a solid bottom, according to COL Chief Technical Analyst Juanis Barredo, and is currently embarking on its first significant recovery from such a base.

We might need to get ready for some immediate corrective but temporary maneuvering given its stretchiness following its October-January bounce. The worst appears to be done, but there is still a chance that the rally will last until about mid-February, which may be a solid reason to maintain a reasonable position, he added.

When the PSEi reached price channel highs between 7,100 and 7,200, Barredo said that it had lately become overbought.

“This can cause a temporary need to retreat to range lows or support. This is first seen at 6,850-6,650 and subsequently at 6,400-6,200. As we aim to finally target index levels returning to 7,500–8,250, accumulate into pullbacks, he said.

In 2022, the PSEi finished at 6,566.39 points.

Philippine equities should keep rising this year, because of “compelling causes,” according to COL Chief Equity Strategist April Lynn Tan.

She stated that the Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) would likely decrease rates as a result of the declining inflation.

According to Tan, they are anticipated to result in reduced bond rates and a declining dollar.

According to Barredo, as US inflation started to slow down, the yields on Philippine and US government bonds were adjusted lower.

“The USD-PHP (Philippine peso), whose major support is at 54.20, likewise exhibits some ability to rally after being beaten into major support… A little rally towards 56 to 56.75 may occur, he continued.

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