Despite headwinds buffeting the global economy, the local stock market is seen to benefit from some bargain-hunting as well as window-dressing by fund managers this week.
“With already three straight weeks of decline, episodes of bargain hunting may be experienced in week’s trading,” said Philstocks Financial Senior Supervisor for Research Japhet Tantiangco.
He added that, “This includes the weakened Peso which is already nearing the 55.00 per US Dollar level; mounting upside risks to inflation; and the possibility of a global economic slowdown amid the recession risk in the US, and the ongoing Russia – Ukraine War.” It said that, while the market sentiment is bearish, some firms may not fare as badly as others. Thus, 2TradeAsia.com said investors should look for firms that have “low forex exposure, low import dependence, low floating rate loan mix, and ample working capital, among other metrics.”
Philstocks is recommending a BUY for BDO as the bank “is one of the undervalued stocks that we see recovering gradually from the pandemic.” Meanwhile, COL Financial has upgraded its forecasts for D&L Industries to account for its outperformance relative to the brokerage’s estimates in first quarter of 2022.
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