Stocks to ride positive momentum

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February 23, 2026 | 12:00am

MANILA, Philippines — The local stock market hopes to keep its winning streak alive this week, inspired by the Bangko Sentral ng Pilipinas (BSP)’s recent rate cut and a slew of corporate earnings results.

The Philippine Stock Exchange index went on a three-day climb last week, ending at 6,465.12 last Friday, up by 1.26 percent week-on-week.

While the market could be overbought and profit taking may be tempting, First Metro Investment Corp. head of research Cristina Ulang said the BSP rate cut-driven buying spree could extend early this week, with possible profit taking toward weekend on heightened US-Iran tension and fears of higher oil prices.

“In our view, investor sentiment may remain cautiously optimistic in the near term as the market awaits clearer signs of strengthening domestic demand and more sustainable growth prospects,” Unicapital Securities head of research Wendy Estacio-Cruz said.

She said aside from corporate earnings, investors are also looking ahead to the release of the Philippine trade balance data on Feb. 27 and the manufacturing PMI on March 2.

With the local market making it past the 6,400 level again, Philstocks Financial research manager Japhet Tantiangco said the validity of this breach is expected to be tested this week.

He said should the market hold its ground above 6,400, it will be considered as its new support while next resistance is seen at 6,550.

“The local market bounced back last week as the BSP’s anticipated rate cut fueled positive sentiment. However, the thin value turnover shows that investors are still keeping a degree of caution amid lingering uncertainties especially towards the local economy’s outlook,” Tantiangco said.

He said investors are expected to watch out for further catalysts, such as the upcoming full year 2025 corporate reports.

Further, investors are seen monitoring the developments between the US and Iran, with an escalation of tensions, mainly via military actions by the US, expected to weigh on the market.