PSE Market Outlook (13 Nov 2023) by First Metro Securities
The PSEi surged by +2.88% w-o-w, sustaining its rally the previous week. However, the volume remained tepid at P3.1bn.
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.
The PSEi surged by +2.88% w-o-w, sustaining its rally the previous week. However, the volume remained tepid at P3.1bn.
The PSEI showed strength once again as it added +33.19pts or +0.54%, ending at 6,188.22 in yesterday’s trade.
Share prices would balance-off stronger-than-estimated 3Q GDP with the Fed’s reiteration to keep monetary policies tight to meet their inflation goal.
Market investors will get feelers on 3Q23 GDP results (from +4.3% in 2Q23), and balance prospects towards 2024.
The local bourse successfully rallied for the second straight day as the technical bounce in the market remained strong.
Follow-through response to tamer inflation in October might support sequel buying in equities.
The PSEi bounced back by +0.46% w-o-w, after hitting a year-to-date low the previous week.
Part of the climb might stem from month-end portfolio positioning.
If the PSEi recovers, it can retest previous support-turned-resistance at 6,200 to 6,400.
Volatility may continue, as market participants check whether monetary authorities would proceed with the earlier hinted off-cycle rate hike.
To break below 6k levels?
Participants might take their cue from Wall Street’s incline, as political headlines simmer in the Israel-Hamas rift.
Eyes are set whether some participants would seize on the bourse’s current state to buy into
The PSEi ended Friday at 6,142.90 (down by -1.23% or -76.26pts), breaking the 62H threshold.
The PSEi dropped by -1.97% w-o-w to close at 6,142.90, breaking below the 6,200 support level.
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