PSE Market Outlook (18 Oct 2023) by 2TradeAsia
Market participants would check for continuity of yesterday’s ascent, as investors heed for the release of 3Q earnings results from listed firms.
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 participants would check for continuity of yesterday’s ascent, as investors heed for the release of 3Q earnings results from listed firms.
Expect volatile trades, as sentiment remains glued to geopolitical headlines.
Movements might remain limited for now, as the global investing community remain alert on the situation in the Middle East & potential ripple-effect to the commodities market.
The PSEi saw some upward movement in yesterday’s trading as it closed at 6,280.
The PSEi changed slightly in yesterday’s trading, as it looks to hold at its current range.
Market participants may weigh reception to local industry players’ move to reduce fuel prices, or skew in favor of the recent Mideast conflict’s effect on sequel oil pricing.
The PSEi retreated by -0.97% w-o-w to close at 6,259.95 (-61.29pts).
The PSEi tumbled below the 6200-level, with a candle that almost resembled a bearish marubozu candle.
Market participants will monitor progression on the lifting of rice price ceiling, parallel to the approved fare hike of LTFRB for jeepney vehicles.
Subdued sessions are seen following the PSEi’s decline yesterday, as participants await for the release of September inflation.
The index closed at 6,385.32 as the index bounced back.
The index closed at 6,263.94 as the index bounced back.
Attention is set whether the PSEi’s run-up would continue, or for prospective breathers to set in.
Participants will monitor if prospective technical breathers might set in, given the local market’s recent ascent.
Market participants will monitor the PSEi’s move above the 6,200 mark, following prior sessions’ ascent.
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