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Manila Bulletin devider Business devider The Stock Market devider Stocks to start 2024 on a subdued note

Stocks to start 2024 on a subdued note

Published Jan 1, 2024 05:26 am

The local stock market is not seen to start strong on the first trading week of the new year as investors wait for fresh economic data that will hopefully serve as catalysts for a rally.

“Investors may start 2024 still on a cautious note as there remains no catalyst for the local bourse. Investors are expected to watch out for upcoming economic data for clues, primarily our inflation rate for the month of December,” said Philstocks Financial Research Manager Japhet Tantiangco. 

He added that, “an inflation print lower than the preceding month’s 4.1 percent, especially one which is near the lower end of the Bangko Sentral ng Pilipinas’ 3.6 percent to 4.4 percent range forecast may spur positive sentiment in the market. However, one which is faster than the preceding month may weigh on the local bourse.”

“Investors are also expected to watch out for the upcoming S&P Global Philippines’ Manufacturing PMI and labor force survey which could give clues on the health of the local economy,” he noted. 

China Bank Capital Corporation Managing Director Juan Paolo Colet said, “the first trading week may see some consolidation as the market attempts to build a base for its next leg up.”

“Barring data that throws off current rate cut expectations and economic growth assumptions, we think investors should start hunting for good bargains in our stock market,” he added.

On the other hand, 2Tradeasia.com said “markets will likely welcome 2024 on a potentially volatile note, given the release of key macroeconomic data: US jobs data, purchasing managers' index (PMI), and local inflation for December.”

“Last Fed meeting's notes will also be circulated (this) week, which may provide extra commentary on interest rate outlook for the first quarter (such as more speculation on possible rate cuts by the first half of 2024),” it added. 

The stock brokerage also noted that 2024 is a presidential election year for the US and election years tend to incentivize economic stimuli. It also pointed out that, the Fed has significantly more room to cut rates than any other year in the past 5 years.

“Deploy cash, and accumulate,” 2Tradeasia.com advises investors. 
 

Related Tags

Juan Paolo Colet Philippine Stock Exchange index (PSEi) 2TradeAsia.com Philstocks Financial Japhet Tantiangco China Bank Capital
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