By JAMES A. LOYOLA
January 3, 2010, 1:30pm
The local stock market is expected to see a surge of optimism in the first month of the new year, given the 63 percent growth it posted in 2009 despite the backdrop of uncertainty as the economy tries to recover from the global crisis.
“Firms that have reported decent, if not handsome, bottomlines for the first nine months will be prime candidates at trades open on January 4, 2010,” said Accord Securities analyst Justino Calaycay Jr.
He noted that money may initially flow in towards blue chip and second-line counters. Yet, as shown in 2009, despite the backdrop of uncertainly, speculative stocks will also get their fair share of the flow.
He noted that money may initially flow in towards blue chip and second-line counters. Yet, as shown in 2009, despite the backdrop of uncertainly, speculative stocks will also get their fair share of the flow.
The Philippine Stock Exchange enjoyed another banner year in 2009 after the market, as tracked by the PSE index (PSEi), recorded a 63 percent annual growth.
This is the highest annual index growth since 1994 when the PSE first operated as a merged entity following the unification of the Manila Stock Exchange (MSE) and Makati Stock Exchange (MKSE) and when the stock market was subsequently tracked by only one main index.
“We began 2009 with a cloud of uncertainty following a global financial crisis that unfolded in late 2007 to 2008. As the year ends, we see a strong recovery in the market which we are hopeful will spill over in 2010 and beyond,” PSE president Francis Lim said. Read More...
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