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Manila Bulletin devider Business devider The Stock Market devider Grey list exit offers hope, but volatility still grips Philippine market

Grey list exit offers hope, but volatility still grips Philippine market

Published Feb 23, 2025 10:14 pm

The local stock market is seen to remain volatile due to geopolitical and interest rate concerns, although share prices may get a boost from the Philippines’ exit from the grey list of the Financial Action Task Force (FATF).

Unicapital Securities Equity Research Analyst Jeri R. Alfonso said that aside from the grey list exit, some stock movements will be seen due to the rebalancing after the latest FTSE index review results.

She said DigiPlus Interactive Corporation and RL Commercial REIT Inc. will be added to the FTSE Small Cap Index, while Cemex Holdings Philippines Inc., Filinvest REIT Corporation, and MREIT Inc. will be added to the Micro Cap Index.

Meanwhile, to be deleted from the Micro Cap Index are Abacore Capital Holdings Inc., EEI Corporation, Philex Mining Corporation, Synergy Grid and Development Philippines Inc., and Pacific Online Systems Corporation.

For its part, 2TradeAsia.com said, “weakness and conservatist outlook in key sectors, (property and holdings), which heavily influence the PSEi as a cap-weighted index (over 40 percent weight), are seen to shape any attempt to get past 6,500.”

It noted that corporate results show excellent topline and bottom-line figures—double-digit performances (in banking, property, among others) but these are not translating to upward price movements.

2TradeAsia.coms said this is likely a function of broader market sentiment overweighing external headwinds (rate cut shifts and geopolitical risk) relative to going-in yield and also factors that make it more challenging to rotate to en masse to local equities, such as weak currency, lack of structural catalysts to sustain momentum rallies, and attractive alternative assets.

“Expect protracted risk-off sentiment pending stabilization of external noise, particularly concerning inflation-interest rate trend and geopolitics as the second quarter approaches. Stay liquid for opportunities while the index finds a stronger identity around 6,000,” it advised.

For stock picks, Alfonso said they have a BUY rating on Bloomberry Resorts Corporation after the stock’s share price plunged by 55 percent as earnings declined due to softer VIP gaming revenues and traction concerns over Solaire Resort North (SRN).

“While the outlook for Solaire Entertainment City (SEC) remains challenging this year, we have a BUY rating on the stock as we believe SRN will provide the boost for BLOOM’s topline growth in 2025,” she said.

Related Tags

Jeri R. Alfonso Philippine Stock Exchange index (PSEi) 2TradeAsia.com Unicapital Securities Inc.
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