The equities market this year as measured by the Philippine Stock Exchange index (PSEi) could rise as high as 7,500 points, especially if the country's growth path falls within target range, the First Metro Investment Corp. said on Thursday.
Bonds sold off and global equity markets failed to fully shake off New Year blues on Thursday after U.S. unemployment data indicated a resilient labor market, tempering expectations of Federal Reserve interest rate cuts in 2024.
Share prices surged 104 points Tuesday on the first trading day of the year, with the benchmark Philippine Stock Exchange index closing at 6,553.04 points.
Asian shares touched five-month highs on Thursday as market wagers on ever-more aggressive rate cuts extended a huge rally in U.S. stocks and bonds, but also left plenty of scope for disappointment next year.
Emerging markets stocks rose to their highest levels since August on Wednesday, led by gains in Chinese shares on positive economic data, while currencies remained steady as bets on U.S. interest rate cuts lingered.