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Manila Bulletin devider Business devider The Stock Market devider Stocks to take cues from Middle East, Q1 earnings

Stocks to take cues from Middle East, Q1 earnings

Published Apr 21, 2024 01:56 pm

The conflict in the Middle East is seen to continue to weigh on the local stock market which is now near its 6,400 support level and showing bearish technical indications.

“With last week’s drop, the market is now at even more attractive levels. Hence, episodes of bargain hunting could be seen in next week’s trading. However, a strong and sustainable rebound may not be seen yet amid prevailing worries,” said Philstocks Financial Research Manager Japhet Tantiangco.

Aside from tensions in the Middle East, he said that inflation concerns are also expected to weigh on the market amid inflationary risks at play including rising oil prices, tight energy supply, El Nino’s impact on our agricultural production, and weakening Peso. Finally, investors are expected to watch out for catalysts that could bring back the bullish sentiment.

Online brokerage 2Tradeasia.com said, “this wave of risk-off sentiment is likely to stick in the medium-term, amid rising treasury yields ad sticky inflation. Expect fickle trading sessions that gyrate with global macro headlines, particularly in the geopolitical space in the very short run, with oil prices being a wildcard that could put more inflationary pressure in the 2024 outlook.”

Meanwhile, it noted that “first quarter 2024 earnings season will open next week; overall, earnings may be a potential source of excitement, at least on the corporate/sector level.”

“Note that broad market fundamentals have not still decoupled from local inflation & interest rate sensitivity; this is exacerbated somewhat with peaking El Nino ambient temperatures, volatile global crude prices, power grid supply woes, among others,” 2Tradeasia.com added. 

For stock picks, Abacus Securities Corporation has its eyes on Cebu Pacific which continues to exhibit strong growth. It expressed confidence that CEB will record very good numbers for the first quarter of 2024. "It makes sense to accumulate the stock while it is still off the radar of most investors,” the securities firm said.

It is also recommending The Keepers Holdings as its sales growth last year puts it back on a high growth plane and is also benefiting from the recent acquisition of Williams & Humbert. Abacus also noted that the stock is trading less than six times this year’s earnings estimate as against 24 times for Emperador.

Related Tags

Abacus Securities Corporation Philippine Stock Exchange index (PSEi) 2TradeAsia.com Philstocks Financial Japhet Tantiangco
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