Market Outlook

Movements would likely be range-bound for now, as most fund managers heed for latest economic data in the US that could influence the Fed’s sequel policy actions.

Higher sessions are seen, as expectations build for a rate cut consideration on or before BSP’s policy meeting on 15 August.

The PSEi rose by +0.64% w/w to close at 6,647.80 pts.

The index closed yesterday at 6,549.27 (+0.22%), trading above its 50-MA line, and cautiously continuing its gain streak after several price fluctuations.

The index closed at 6,433.24 (-0.02%) yesterday, below all MAs.

The PSEi fell by -1.79% w/w to close at 6,605.30 pts.

The index closed at 6,693.83 (+1.13%) yesterday within the range of 6,578-6,779, slightly above all MAs, despite several price fluctuations seen throughout the week.

The PSEi index falls below its 100-MA support level down to the lower 6600s.

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.