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The index declined by -0.67% w/w to 6,018.62, approaching its 6,000 key support level, where a potential rebound could occur.

Expect volatile trades, with eyes locked on headlines in the Middle East.

Iran’s latest attack on Qatar’s energy hub and KSA’s interception of missiles fired at Riyadh might cast its weight on sentiment, reinforced by the US Fed’s warning of higher near-term inflation as a result of the ongoing Middle East conflict.

The index remained the downtrend structure modestly rising +0.32%, yet remained flat near support as the local bourse plunged below all key moving averages.

The spotlight might turn anew on mining/oil-related shares, given the bullish trend for metal prices.

Possible gradual bargain hunting might set in, as participants take their cue from US equities’ advance.

The PSEi fell 4.14% w/w, closing at 6,058.94 (-261.47 points), and is now trading below its key moving averages (20-day, 50-day, 100-day, and 200-day).

The index closed lower, down 0.73%, as it moves marginally below key moving averages.

Profit-taking may continue, as sentiment glides with headlines on the Middle East.

Recovery is likely to continue, having come off from its recent high, on supply situation assurances from fiscal and global authorities.

The index rebounded +2.01%, after a sharp drop and attempts to reclaim MA100 overhead resistance, stabilizing near key moving averages after a strong intraday recovery.