In an optimistic outlook for the Philippines stock market, the investment banking arm of the Metrobank Group, First Metro Investment, is expressing bullish sentiments on gaming and tourism, foreseeing positive trends as inflationary pressures subside, albeit with some reservations about weak market volumes.
During a media briefing discussing their 2024 outlook, First Metro’s research head, Cristina Ulang, stated that improving investor sentiments and declining interest rates could propel the Philippine Stock Exchange Index (PSEi) to levels between 7,000 and 7,500, with corporate earnings expected to increase by 11% this year.
Ulang specifically highlighted gaming stocks and tourism as promising sectors contributing to economic growth. She expressed excitement about the advancements in gaming automation, citing the notable performance of non-index names like Pacific Online Systems and DigiPlus Interactive over the past year.
Prominent companies such as Bloomberry Resorts, Megaworld, investing in gaming and hotels, were also mentioned as contributors to the positive outlook, anticipating increased activity that would positively impact the property segment, particularly in terms of hotel occupancy and air travel, with hopes for a recovery in Chinese tourism.
