The local index has reversed during yesterday's trading as it pulled back 64.67 points, or -0.81%, to 7,932.23 which further proved that a climb towards the 8,000 level is a daunting challenge for the bourse.
Regional markets are likely to welcome Saudi Aramco’s assurance to meet its end-Sept. target to restore production, dousing earlier fears of possible spike in crude prices.
Prospective dips on intra-day rallies might still be seen, unless participants see clarity how world leaders would be able to address the supply gap from Saudi Aramco’s output disruption.
The PSEI is forming a bearish rising wedge pattern in the short term. The index should
The index managed to break out as it closed the week 47.89 points, or +0.60%, higher to 7,992.32.
The local bourse consolidated anew, this time at a narrower range of 7,915.62 to 7,967.90.
Sessions might continue to move within limited range, although possible positive bias is seen given progress on US-China trade talks as well as potential stimulus measures from regional central banks.
The PSEi's win streak was indeed short-lived as it ended Tuesday's session 30.64 points (-0.39%) lower, to 7,929.48, with the sectors evenly split between gainers and decliners.
Another lacklustre session is seen, as buyers heed for stronger catalysts that could warrant aggressive positioning.
For now, participants may be inclined to monitor turnover improvement, with several