Market Outlook

Choppy sessions are seen given the month-end portfolio closing, while attention is set whether local gauges could keep its poise above the 6,600 marks.

The PSEi closed at 6,670.27 (-1.23%) yesterday within the range of 6626-6832, lower than the past few days and below its 52-w high, but still above the 50-MA line.

Participants might focus on the US economy’s 2Q GDP, which came in at a faster clip vs. 1Q (+2.8% vs +1.4%), as well as views on the timing of the Fed’s policy easing cycle.

The index performed incredibly bullish last week closing on a rally-high at 6791.69, nearing the 6800s territory.

The PSEi surged by +2.16% w/w to close at 6,791.69pts.

The PSEi closed at 6705.01 yesterday (+0.26%) within the range of 6610-6730, with all indicators showing signs of bullishness, and the index trading above all MA-s.

The index closed yesterday at 6667.09 (-0.33%) trading comfortably bullish above its 100-MA resistance region.

The PSEi sustained its ascent, gaining by +2.39% w/w to close at 6,648.23pts.

The index closed at 6609.24 yesterday (+1.85%) within the range of 6484-6638, with all indicators exhibiting signs of bullishness.

Eyes are set whether the PSEi would continue its recent strength, or sellers might seize on this move to pocket gains.

Sentiment might take its cue from Wall Street’s ascent, as expectations build for consideration of less-restrictive monetary policies by the Fed for the remainder this year.

Participants will monitor local gauges’ staying power above 6,500, as some players seize on this strength to cash-out.

The PSEi rose by +1.26% w/w to close at 6,492.75pts.

The market might take its cue from Wall Street’s incline, with the latest jobs data supporting expectations for monetary easing from the Fed.

The index closed on a high note on resistance levels yesterday at 6507.49 (+0.89%), with all indicators showing bullishness and stocks rallying.