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Manila Bulletin devider Business devider The Stock Market devider PSEi braces for holiday lull as investors favor cash

PSEi braces for holiday lull as investors favor cash

Published Dec 22, 2025 12:00 am  |  Updated Dec 20, 2025 06:49 pm
Investors are expected to favor cash positions this week following a selloff on Dec. 19, as caution prevails ahead of the Christmas and New Year holidays.
While window-dressing activities could provide a temporary lift for select Philippine Stock Exchange index (PSEi) members, the broader outlook remains tempered by weak market confidence.
The local market declined last week as investors moved to lock in gains from an earlier rally. Japhet Tantiangco, research manager at Philstocks Financial Inc., said anemic confidence in growth prospects continues to weigh on the bourse.
While valuations are at bargain levels, the shortened trading week will likely keep many participants on the sidelines.
Investors may sell positions to shield themselves from potential negative developments over the break and are waiting for fresh catalysts, according to Tantiangco.
He noted that continued appreciation of the peso could provide some support, though the market is likely to move sideways in the near term.
Online brokerage 2TradeAsia.com said the approaching holiday break points to thin trading volumes as funds begin shifting their focus toward 2026 positioning. Domestic equities are trading at multi-year valuation lows, reflecting persistent concerns regarding governance and fiscal execution.
The brokerage said next year’s performance will depend on identifying recovery plays in undervalued cyclical and defensive stocks, supported by resilient consumption and infrastructure spending.
For stock picks, Abacus Securities Corp. is positive on Manila Water Co. and Maynilad Water Services Inc. after regulators approved tariff increases for 2026. The approved basic charges are higher than those originally published in the 2023 to 2027 rate rebasing round.
Abacus said the higher tariffs bolster the outlook for both utilities. For Manila Water, the 2026 consolidation of Wawa JVCo Inc. is expected to eliminate water charges at the consolidated level, aiding earnings.
For Maynilad, the tariff adjustments are expected to support future dividend payouts.

Related Tags

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