PSE Market Outlook (21 Oct 2024) by 2TradeAsia
Sentiment could sway to optimism in the region, following latest steps taken by China to boost growth in its economy.
PSE Market Outlook reports summarize our partner brokersâ analysis of the expected short-term movement of the Philippine Stock Exchange index (PSEi). This report primarily relies on Technical Analysis and may be useful to short-term or day traders.
Sentiment could sway to optimism in the region, following latest steps taken by China to boost growth in its economy.
The PSEi rose by 1.44% w/w, closing at 7415.73 (+105.41pts).
The PSEI closed at 7,400.33, down -0.49%, exhibiting a sideways trend.
Similar trading pattern is seen, with local gauges touching intra-day highs and some investors seizing on this strength to profit-take.
Market participants might cheer BSPâs move to lower its benchmark rate by 25bps to 6%, supporting expectations for reduced borrowing costs for the remainder this year.
Market participants would monitor advances towards 7,550, as some position ahead of results from BSPâs policy meeting.
Sessions might be range-bound for now, as participants await on 4Q & 2025 earnings guidance, on top of the release of 3Q corporate results.
Sentiment may take its cue from Wall Streetâs overnight ascent, following delivery of strong 3Q earnings from banks.
The PSEi snapped its 5-week winning streak to plummet by 2.11% w/w, closing at 7310.32 (-157.60pts).
Expect a tussle between buyers and sellers at 7,300-7,500 range, which should strengthen a new base for higher levels.
Participants may take their cue from Wall Streetâs incline, while others check for possible continuation of some supply pressure.
Eyes are set on continuity of yesterdayâs advance, as some players might seize on this strength to cash-out.
The index was trading bullish closing at high 7400s region after a sell-off on opening of last week as investors begin to take profits at opening day whilst weighing lower inflation expectations.
Sentiment might glide to Wall Streetâs ascent, on latest jobs addition data, while follow-through buying takes support from Septemberâs inflation trend.
The PSEi inched higher by 0.53% w/w to register another 52-week high at 7,467.92 (+39.62pts).
Just signup below for free: