{"id":327573,"date":"2024-04-17T22:52:00","date_gmt":"2024-04-17T14:52:00","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=327573"},"modified":"2024-04-17T22:52:16","modified_gmt":"2024-04-17T14:52:16","slug":"free-report-psei-given-up-all-gains-this-year","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/free-report-psei-given-up-all-gains-this-year\/","title":{"rendered":"FREE Commentary: PSEi has given up all gains this year"},"content":{"rendered":"\n

NOTE: This is a Premium-exclusive stock report, originally for our Premium Access members, but we’re giving this to you free! To view other FREE stock reports<\/strong><\/a>, just click here. To get full access to all Premium-exclusive reports, upgrade to Premium Access<\/strong><\/a> <\/span>today for as low as P399.00 a month!<\/em><\/p>\n\n\n\n

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Back to end-2023 level<\/h3>\n\n\n\n

The PSEi has given up all gains for the year as the index fell back to its end-2023 level of 6,450. In USD terms, the market is actually down 3.5% already given the weaker local currency.<\/p>\n\n\n\n

At 6,450, the market trades at 11.2x P\/E current and 9.9x P\/E forward. This way below the market\u2019s historical valuation \u2013 5-year mean P\/E of 12.4x and 10-year mean P\/E of 12.8x.<\/p>\n\n\n\n

All sectors are now trading lower year-to-date (YTD), with the exception of Banking stocks which managed to hold on to most of its gains and sustain its outperformance.<\/p>\n\n\n\n

Peso depreciation also not good news<\/h3>\n\n\n\n

Foreign investors have been consistent net sellers lately trimming down total net inflows to just US$100 million YTD. Coincidentally, the PHP\/USD rate fell to the key P57.00 level for the first time since Nov 2022. <\/p>\n\n\n\n

Apart from having a positive correlation with local equities, a weaker dollar poses additional inflation risk for the country given that we are a net importer economy.<\/p>\n\n\n\n

Negative for Consumer and Conglomerate stocks<\/h3>\n\n\n\n

As mentioned in our other Commentary<\/a> report, a weaker PHP is generally negative for Consumer and Conglomerates but neutral-to-positive for Properties and Power.<\/p>\n\n\n\n

Our current index target of 8,300 now offers much higher potential upside of almost 29%.<\/p>\n\n\n\n

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NOTE: This is a Premium-exclusive stock report, originally for our Premium Access members, but we’re giving this to you free! To view other FREE stock reports<\/strong><\/a>, just click here. To get full access to all Premium-exclusive reports, upgrade to Premium Access<\/strong><\/a>\u00a0<\/span>today for as low as P399.00 a month!<\/em><\/p>\n\n\n\n

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This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a commentary on an important issue or event affecting the stock market<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1236],"tags":[],"class_list":["post-327573","post","type-post","status-publish","format-standard","hentry","category-free-reports","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/327573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=327573"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/327573\/revisions"}],"predecessor-version":[{"id":327579,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/327573\/revisions\/327579"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=327573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=327573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=327573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}