First Metro Investment Corp Releases January Philippines 'Market Call'

Feb 07, 2012 19:40 JST

Source: First Metro Investment Corporation

MANILA, Feb 07, 2012 - (ACN Newswire) - First Metro Investment Corp (FMIC) and University of Asia and the Pacific (UA&P) have published the January issue of "The Market Call, Capital Markets Research". The report, which covers the Philippine Macroeconomy, Fixed Income Securities, Equity Markets and Economic Indicators, includes the following highlights:

"Tepid 2011 Gives Way to Optimism in 2012 -

"The Philippine economy expanded by a tepid 3.7% in both Q4 and the full year of 2011. Export demand was weak, and government was under-spending its budget. The Services sector supported by real estate, financial intermediaries, and business process outsourcing (BPO) gains continued to provide the impetus for growth in the economy.

"Even as the economy performed below expectations in 2011, analysts are optimistic about accelerating growth in 2012. The National Statistical Coordination Board's (NSCB) Leading Economic Indicator index had shown continuing gains into 2012-Q1 for three successive quarters. The latest reading for 2012-Q1 was 0.238 or 10 times higher than the 0.023 reading in 2011-Q2. The latest Meralco electricity sales in December confirm the accelerating pace of economic activity, and the trend of lower inflation gives room for monetary policy to ease further. Moreover, Overseas Filipino Workers' (OFW) remittances will likely remain robust, giving impetus to consumer spending.

"In the Philippines, the main stock index - the PSEi - breezed through all-time highs buoyed by investors' confidence in sound local macro and micro data. Current all-time high is at 4,756.78 recorded in January 24, 2012. Moving forward this year, while external woes from 2011 (Euro-zone debt crisis and fragile US economy) and the slowdown in the global economy) remain unresolved, we view the Philippine equities market to trade higher on the back of a resilient economic growth outlook, prospects of a credit upgrade, healthy corporate data, and strong foreign fund inflows."

Download this, and all previous Market Call reports, at http://firstmetro.com.ph/publications_marketcalls.asp.

Contact:

Anna Marie Tuprio
Corporate Planning & Affairs Department 
Tel: +63-2-858-7951 
E-mail: marie.tuprio@firstmetro.com.ph

Source: First Metro Investment Corporation
Sectors: Daily Finance

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