Philippine stock market wake-up call

THE Economist recently reported the following: “Everywhere you look, stock markets are breaking records. American equities, as measured by the S&P 500 index, hit their first all-time high in more than two years in January. Europe’s STOXX 600 set its own records. Japan’s Nikkei 225 had surpassed its previous best, set in 1989. A widely watched global stock market index recently hit an all-time high.”

In the Philippines, the PSEi (Philippine Stock Exchange) has been hovering at 6,900 mark, trying to break the 7,000 level in the near term. Profit taking, however, has hindered the approach and near-term forecasts are sideways movement within the 6,800–6,950 levels. In mid-2023, some experts forecasted a year-end range of 7,300 to 7,500, which never happened.