PSE Market Outlook (10 Jun 2024) by 2TradeAsia
Participants’ attention may be drawn to the Federal Open Market Committee (FOMC) meeting on 11-12 June, within a shortened 4-day trading week.
Participants’ attention may be drawn to the Federal Open Market Committee (FOMC) meeting on 11-12 June, within a shortened 4-day trading week.
SM is currently trading within the 807.51-853.12 range.
ICT closed on a positive note yesterday at 353.80.
AEV closed with a modest increase yesterday within the 35.95-39.00 range.
JFC traded higher yesterday with 2.60%, to close at 228.80.
The index has been consolidating around the 200-MA areas, as it closed yesterday on a positive note.
Participants would monitor continuity of the latest ascent, while heeding for those that might opt to lock-in gains.
Local gauges might move above the 6,550 mark, with 5-month inflation averaging 3.52% (vs. prior year’s 7.52%).
After experiencing a significant rally of as much as 43% and reaching its highest level in 7 years at 4.20, APX’s share price pulled back and entered a consolidation phase.
Sentiment might take its cue from Wall Street’s ascent, as hopes for the Fed rate cut was supported by the latest jobs data.
Similar movements might be seen Tuesday, with sessions moving within range, capped by final-minute boost.
Here’s an update to the stock composition of the three new model portfolios!
Continuity of Friday’s MOC-boost is seen to continue, with the backdrop of lessrestrictive monetary policies later this year.
The PSEi dropped by 2.82% w/w to close at 6,433.10 (-186.79 pts).
MBT has broken down from its 50-day EMA support at 67.50 yesterday to close at 65.05, shedding 2.91%.
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