Philippine stock market forecasts optimistic about gaming, tourism sectors

Despite some concerns about low market volumes, First Metro Investment, the investment banking division of the Metrobank Group, has a good outlook for the Philippine stock market and is upbeat about the gaming and tourist industries. It anticipates positive trends as inflationary pressures lessen.

Cristina Ulang, the head of research at First Metro, told reporters during a press briefing that the company’s 2024 outlook calls for an 11% increase in corporate earnings and a range of 7,000 to 7,500 points for the PSEi due to rising investor sentiment and falling interest rates.

Ulang highlighted casino stocks and tourism in particular as desirable sectors for economic growth. She mentioned the tremendous performance of non-index names like Pacific Online Systems and DigiPlus Interactive over the last year and highlighted her optimism for advancements in game automation.

Two well-known companies with holdings in casinos and lodging, Bloomberry Resorts and Megaworld, were acknowledged as contributing to the positive outlook. Increased activity is anticipated, which is good for the real estate sector and will help with hotel occupancy and air travel, as well as a potential rebound in Chinese tourism.

Original story by: Asia Gaming Brief