BY UNICAPITAL SECURITIES
HSBC has upgraded its view on Philippine stocks amid a backdrop of falling oil prices, weak emerging markets and expectations of higher interest rates in the US.
They raised the rating on Philippine equities from “underweight” to “neutral,” citing “resilient growth, high business confidence and positive earnings outlook.”
HSBC remains “overweight” on equities in China, India and Indonesia as well as the financials, telecom and utilities sectors.
The bank upgraded Hong Kong stocks to “neutral” and downgraded its rating on Taiwan equities to “underweight.”