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First Metro Investment forecasts a positive outlook for the Philippines stock market in 2024, with gaming and tourism sectors expected to drive growth.
The Philippines.- First Metro Investment, the investment banking arm of the Metrobank Group, has expressed optimism about the Philippines stock market in its 2024 outlook.
During a recent media briefing, Cristina Ulang, First Metro’s research head, shared positive sentiments, foreseeing potential growth in the Philippine Stock Exchange Index (PSEi) between 7,000 and 7,500.
Ulang cited improving investor sentiments and declining interest rates as key factors contributing to this outlook, projecting an 11 per cent increase in corporate earnings for the year.
Among the economic growth drivers, Ulang pointed to gaming stocks and tourism. She expressed enthusiasm about the advancements in gaming automation and highlighted the notable performance of non-index names such as Pacific Online Systems and DigiPlus Interactive over the past year.
Additionally, major companies like Bloomberry Resorts and Megaworld, investing in gaming and hotels, were mentioned as potential drivers of positive trends in the market.
Finally, Ulang acknowledged her reservations about weak market volumes, but predicted an increase in hotel occupancy and air travel, hoping for a recovery in Chinese tourism, which would contribute to the broader Philippine economic outlook.
See also: Chinese outbound tourism recovery to be slower than expected: Nomura
In 2023, the Philippines surpassed the administration’s projection of 4.8 million international visitors, with a total of 5.4 million.
South Korea remained the primary source, accounting for 26.41 per cent of the total (1,439,336 tourists). It was followed by the United States with 903,299 tourists and Japan with 305,580. International tourism receipts reached an estimated PHP482.54bn (US$8.67bn), a 124.87 per cent increase compared to 2022 (PHP214.58bn).
First Metro Investment forecasts a positive outlook for the Philippines stock market in 2024, with gaming and tourism sectors expected to drive growth. The Philippines.- First Metro Investment, the investment…
