The bulls will likely prevail in the stock market this year, driving the Philippine Stock Exchange index to uncharted levels.
Paul Joseph Garcia of Odyssey Funds at Bank of the Philippine Islands, told the Inquirer that the stock market would remain buoyant this new year, and may hit the 6,500 level.
It’s a “low-tide-high-tide” outlook for 2013, Garcia said.
He said that, for the market to hit the “base case” of 6,500, corporate earnings would have to rise by at least 13 percent and the local economy should expand by 6 to 6.5 percent.
Under the “high tide” or best-case scenario, Garcia said, it is possible that the PSEi could hit the 7,100 mark, assuming that the local economy would grow by 7 percent and that corporate earnings would expand by over 15 percent.—Doris C. Dumlao