Market Outlook

Second-wind response to tamer inflation for December (3.9% vs. Nov.’s 4.1%) might be seen, as participants carefully monitor the PSEi’s return to the 7,000 zone (achieved last 23 Jan. 2023).

Opening 2024 with a bang, the index concluded the 1st trading day of the year in the green.

Participants will monitor continuity of yesterday’s strong net foreign buying momentum, especially for large caps that led the ascent.

The PSEi pulled back by -0.78% w-o-w after hovering near overbought conditions.

Light trades are seen with most foreign investors still on their New Year holiday.

Today mark’s the final trading day of the year, with the PSEi closing the penultimate trading day of the year up by +0.87% to 6,519.

Overall, expect optimism to prevail, anchored mainly on lessrestrictive monetary policies in 2024.

A generally upbeat tone might be seen, as participants take their cue from Wall Street’s incline (DJIA +0.87%, Nasdaq Comp. +1.26%).

Movements might remain range-bound, on tightening activity between buyers & sellers.

The PSEI has sustained its upward momentum, demonstrating resilience with its fourth consecutive day in the green.

Follow-through buying might be visible, as fund managers seize on the recent drop to position.

Rebounding after plunging below the 6200 level, the index managed to close yesterday’s session with a gain of +1.03% at 6,292.39.

Follow-through buying might be visible, as fund managers seize on the recent drop to position.

Gauges might need to stabilize above 6,200 for now, to support sturdier ascents towards 6,400-6,500.

The PSEi registered gains as investors took note of the better-than-expected CPI print released prior to trading.