MANILA – Philippine stocks could “inch higher" to the 8,500 level up to the 10,000 level in the next 2 to 3 years fueled by continued earnings growth, an analyst said Friday.
With the given growth scenario, investors should continue to hold on to Philippine equities, Atram Trust Corp president Deanno Basas told ANC.
“If we're around 8,000 right now, if we pause around these levels, that should be good for the market and as the earnings of the companies start coming out then that gives a good base for the market to continue inching up higher,” Basas said.
Meanwhile, a "much more moderate" peso depreciation this year is expected as the trade deficit and the government’s infrastructure push cause a greater demand for the US dollar, he said.
The main index opened at 7,932.11 level on Friday.