Foreign institutional investors are, I think, cautious to neutral on equities, including those in the Philippines.

Equity valuations are still appealing. We think investors are too cautious.

The U.S. has been a graveyard for U.K. retailers, so investors are a little cautious. It could be that it wants to a get a flavor for the market through a small operation and then make a massive acquisition to get instant size.

There is this vague hope about the start of the new fiscal year ... I don't think institutional investors are in a rush to buy stocks, but they won't miss a buying opportunity if the market falls.

The party division being addressed is a market positive, but Arroyo staying on will mean continuing political tension.

We will have a very good first quarter. The market may reach the 2400 level during the period.