The PSEi has increased by 0.27% w/w to 5,976.77 (+15.80 pts.), however, it remains in a consolidation phase after failing to sustain a break above the 50-day moving average, with price currently pulling back toward the 20-day MA, indicating near-term weakness.
The spotlight is back on global crude prices, resurfacing concerns over nearterm inflation.
APX closed +4.51% higher resuming the upward move, now trading above the key moving averages and testing MA9 (16.70) acting as possible support.
PGOLD held firm ending +0.64% slightly higher than the previous close, remaining in a clear uptrend above key moving averages.
The local bourse continues to trade flat on further market indecision marked by RSI’s neutral reading of 52.09.
Another range-bound session is seen, with eyes set on energy agencies’ move to address the electricity situation.
JFC plunged -10.67% amid concerns on its current MSCI index standing, thus extending the downtrend and staying way below major moving averages.
The local bourse booked its third losing streak closing -0.25% as the broader trend remains rangebound, while continuing to trade beneath key moving averages.
Market participants will be heeding for various accord from the ASEAN summit, especially on bilateral pacts that reinforces security of staple supplies.
BDO closed at 117.10 (+4.74%) after a strong rebound session, with recent candles hinting at a short term reversal attempt following a prolonged consolidation near the lows.
The PSEI closed at 6034.27 (+1.12%) as the index attempted to stabilize after a recent stretch of weakness, with recent candles resembling a modest rebound cluster near short term support.
Eyes are set whether local gauges would continue its upward trek, or pause for technical breathers.
Sentiment might take its cue from Wall Street’s overnight advance, on optimism for resolution to US-Iran rift.
TEL extended the selloff, sliding down -0.81%, remaining below major MAs, keeping the broader setup decisively bearish, alongside surpassing the MA200 demand zone.
MBT dropped -3.17%, extending the pullback and staying below key moving averages, which keeps the near-term structure bearish.
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