Market Outlook

Focus will be on continuity of yesterday’s rise, as participants balance the surprise change in Bank of Japan’s (BoJ)

The index closed last trading week with a spinning top candle after trading mostly sideways.

Base levels will be tested for bulk of trading sessions this week, following the PSEi’s move below the 6,500 mark.

Light sessions are seen, as some buyers might remain at bay pending reactions to Wall Street’s overnight descent (DJIA -2.25%, Nasdaq Comp. -3.23%).

Sentiment might glide to Wall Street’s weakness (DJIA – 0.42%, Nasdaq Comp. -0.76%), given the Fed’s indicative rate hike in 2023.