Market Outlook

Barely a few points shy of the 7,000 zone, market participants are seen to monitor crosses above this mark while heeding for other momentum support.

The PSEi logged its third consecutive day of decline yesterday, causing the RSI to sink deeper into the bearish region.

Activity may stay range-bound in the absence of new leads, as most investors prepare for the Lenten pause.

The past month has seen the PSEi consistently trading with a range, unable to hold above the 7k threshold.

The benchmark index attempted to break above 6,900 and the 20-day moving average (MA) but this was not sustained at the end of the week.

The PSEi saw a relatively strong market in yesterday’s trade, rising by +1.55% to 6963.22 at the end of trading.

Market participants will monitor prospective crosses above the 7,000 zone, given the series of net foreign buying support in select large-caps.

Positive sentiment for less-restrictive monetary policies this year might reverberate in the region, given the Fed’s move to adopt a status quo on its widely-tracked interest rate.

The PSEi finished relatively flat yesterday as the market saw mixed movement and high volatility among index members.

Participants will check whether the market would continue its sideways trail, or sentiment would glide to Wall Street’s overnight incline, ahead of the Fed’s meeting conclusion on interest rate policy.

Participants might laud the passage on final reading CREATE MORE, especially with the lowering of corporate income tax to 20%.

Participants might adopt a cautious stance this week, ahead of guidance from the US FOMC meeting on 19-20 March (US time).

Market players will monitor possible cross above the 7,000 mark, to check whether profit-taking might emerge.

The local bourse managed to settle higher by +0.11% to 6,878.49, albeit ended on a red inverse hammer.

Eyes are set on possible move above the 7,000 zone, as investors check on continuity of Friday’s momentum.