THE local market is expected to move with an upward bias this year as long as the Philippine economy will see favorable developments, an analyst said.
“With the market at attractive levels, together with the local economy’s growth prospects, we see the bourse moving with an upward bias [in 2023],” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
The economic growth figure for full-year 2022 is expected to be released by the Philippine Statistics Authority on Jan. 26. Mr. Tantiangco said that unfavorable developments in the local economy could weigh on the local bourse. He said he remains to keep a bullish outlook as the market is seen to trade above the 50-day and 200-day exponential moving averages.
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