PSE Market Outlook (13 Nov 2023) by 2TradeAsia
Sentiment might sway to Wall Street’s ascent, as portfolio repositioning builds ground for 2024.
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.
Sentiment might sway to Wall Street’s ascent, as portfolio repositioning builds ground for 2024.
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.
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