PSE Market Outlook (6 Dec 2023) by 2TradeAsia
Market watchers would check for possible follow-through response to favorable inflation in November (4.1% vs. 4.9% in September), while monitoring momentum improvement in turnover.
PSE Market Outlook reports summarize our partner brokers’ 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.
Market watchers would check for possible follow-through response to favorable inflation in November (4.1% vs. 4.9% in September), while monitoring momentum improvement in turnover.
Sessions might be range-bound, given yesterday’s total turnover, as investors heed for other catalysts to prod aggressive positioning.
The PSEI slumped on the second straight day as investors sealed their gains during the prior rallies.
Participants might gauge whether the PSEi could keep its head aloft 6,200, given yesterday’s trend.
Momentum may continue for local equities, supported by improving turnover and net foreign buying position.
Participants will sift through events during the weekend pause, while monitoring turnover build-up towards the end of 2023.
The macro support is anchored on consumer spending-driven growth for the remainder this year, plus
Eyes are set on the PSEi’s staying power above the 6,200 mark, while some participants might opt to cash-out given the recent rise.
If the PSEi sustains its last week’s rally, it can retest next resistance levels at
Relatively subdued sessions are seen, as participants weigh on catalysts likely to drive yearend rallies.
The index is now trading at its 50-d MA.
Eyes are set on the local central bank’s policy meeting today, whether or not it would second 26 October’s 25bps off-cycle rate hike.
The PSEi showed higher volume for yesterday compared to the day prior.
Focus will be on possible improvement in yesterday’s dismal turnover, ahead of latest inflation print in the US that might support expectations for the Fed’s next course on interest rates.
Sentiment might sway to Wall Street’s ascent, as portfolio repositioning builds ground for 2024.
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