PSE Market Outlook (9 Oct 2024) by 2TradeAsia
Participants may take their cue from Wall Streetâs incline, while others check for possible continuation of some supply pressure.
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.
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).
Activity might be range-bound for now, given yesterdayâs sell-off.
Another upbeat tone is in store for local equities, as overseas fund managers take interest in Chinaâs stimulus measures, alongside the Fedâs sequel rate cuts.
Investors might monitor continuity of yesterdayâs breather, as gauges firms up on a solid base to support stronger rallies.
We’re pushing peaks as the index closed at 7432.21 (+0.24%) yesterday.
Hints for possible tempered inflation in September plus S&P Global Ratingsâ rate cut outlook on the Philippines may support advances.
With just a few points shy from the 7,500 zone, participants are likely to take on feelers whether some might seize on this strength to cash-out, while monitoring the depth of positioning on intra-day dips.
The PSEi surged 3.27% w/w to close at 7,252.32 (+229.47pts).
The local central bankâs 250bps cut in banksâ reserve requirement was more than our estimated 100bps, underscoring their goal of pump-priming the economy.
The PSEI closed at the 7,200 level for the first time this week, and currently maintaining a steady upward climb.
The market might take its cue from Wall Streetâs incline (DJIA +1.26%, Nasdaq Comp. +2.51%) as expectations build for a new cycle of monetary policy easing with the Fedâs rate cut move.
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