{"id":328502,"date":"2024-07-22T12:16:18","date_gmt":"2024-07-22T04:16:18","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=328502"},"modified":"2024-09-01T22:39:09","modified_gmt":"2024-09-01T14:39:09","slug":"stock-picks-for-the-week-july-22-26-2024-by-first-metro-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-picks-for-the-week-july-22-26-2024-by-first-metro-securities\/","title":{"rendered":"Stock Picks for the week (July 22-26, 2024) by First Metro Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Recap: Stock market last week<\/h2>\n\n\n\n<p>The local bourse sustained its trajectory for a fourth consecutive week of gains. The week kicked off on a high note, fueled by dovish guidance from Fed Chair Jerome Powell who stated that they may not wait for inflation to decline to 2.0% before easing policy rates. The market continued to rise throughout on optimistic earnings expectations.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">PSE outlook this week<\/h2>\n\n\n\n<p>This week, the market is expected to move cautiously with a downward tilt. Investors will take cues from President Ferdinand Marcos Jr.&#8217;s third SONA where he is expected to share key updates on the economy as well as the administration\u2019s priority legislations and projects. <\/p>\n\n\n\n<p>Investors will also digest the mixed changes in pump prices &#8212; diesel and kerosene should roll back by PHP0.30\/PHP0.60 and PHP0.60\/PHP0.70, respectively, while gasoline is seen to rise by PHP0.20 per liter. More corporates are expected to release their corporate earnings results in the following weeks. On the foreign front, market participants will weigh in on US President Joe Biden&#8217;s withdrawal from the election race as he nominates current US VP Kamala Harris for the upcoming elections.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Stock Picks this week<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. First Gen Corp. (FGEN)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Buy on breakout<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 28.87<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In terms of technical analysis, after hitting a year-to-date high of PHP20.50, FGEN declined by as much as 14.5%, retesting its support around PHP17.60. Recently, FGEN exhibited a symmetrical triangle pattern formed by a descending trend line and an ascending bottom trend line. There is a potential to reverse its current trend once it breaks out of the upper trend line and 50-day moving average (MA). <\/p>\n\n\n\n<p>Accumulate should the stock break out of the 50-day MA (~PHP18.25). Set stop loss limit order below PHP16.79 and take profits around PHP20.99 per share.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">2. Cosco Capital Inc. (COSCO)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 12.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>At current levels, the stock has potential for a sustained uptrend if it maintains its critical support level at PHP4.50. Although the stock is currently trading below key moving averages (50-day, 100-day, and 200-day), its position near the 52-week low and the formation of lower highs suggest a promising buying opportunity. <\/p>\n\n\n\n<p>Therefore, investors can accumulate a small position that they can build up on. Accumulating COSCO at current levels is advisable. Set stop limit orders 8% below average price and take profits above 15% of entry price.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">3. Cebu Air, Inc. (CEB)<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Recommendation<\/strong><\/td><td>Buy on breakout<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 56.70<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>CEB is currently trading below key moving averages (50-day, 100- day, and 200-day), signaling that the counter is still in a downtrend. However, recent price action indicates potential bottoming as it consolidates and establishes support between PHP26.00-PHP28.00. It is also forming an ascending pennant pattern of which a break of resistance may send the stock upwards in the near-term. Thus, it is advisable to accumulate the stock on breakout.<\/p>\n\n\n\n<p>Accumulating once CEB breaks above resistance at PHP28.40 is advisable. Set stop<br>limit orders below PHP26.17 and take profits at around PHP32.65.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our stock picks for the week<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1372,11],"tags":[],"class_list":["post-328502","post","type-post","status-publish","format-standard","hentry","category-stock-picks","category-special-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\/328502","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=328502"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328502\/revisions"}],"predecessor-version":[{"id":328512,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/328502\/revisions\/328512"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=328502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=328502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=328502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}