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Manila Bulletin devider devider Conglomerates' stocks favored

Conglomerates' stocks favored

Published Feb 18, 2018 12:00 am
By James A. Loyola Market analysts have recommended stocks from conglomerates, especially Megaworld Corp. and Metro Pacific Corp. This developed as the local equities market is seen to continue range trading this week as foreign funds continue their exodus but stock analysts see recent drops have opened some opportunities for selective buying. “I believe we will continue to see more action in second tier and speculative stocks in the following weeks as we wait for blue chips to pick up,” said Eagle Equities Head of Research Chris Mangun. Mangun said “speculation is still highly in motion as we saw funds flow out of the smaller issues and into companies like NOW and PXP.” He noted that, “we saw the market stabilize above 8,500 which is our major support. I am convinced that the market will continue to trade sideways as we build up trading volume and wait out the continued foreign selling.” Amid market volatility, Regina Capital Development Corp. recommends range trading in Megaworld which is still trying to break initial resistances. “We do not see any wide range volatility for this stock for this week, but cautious players made trade the stock accordingly,” RCDC said. It also recommended a buy on Metro Pacific Investments Corp. and SFA Semicon Philippines Corp. if their support levels hold at R6.10 and R1.70, respectively. RCDC also recommended a long-term buy for Ayala Land after it reported strong earnings growth in 2017 and bright prospects for 2018. Meanwhile, BDO Chief Market Strategist Jonathan Ravelas warned that “investors remain cautious as they have yet to get comfortable with the higher interest rates.” “Chartwise, the week’s close at 8,612.44 suggests the market to range between the 8,350-8,700 levels in the near-term. Immediate support and resistance is seen at 8,350 and 8,800 levels, respectively,” he added.
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