Another lackluster session is seen, as market investors assess BSP’s priority to control inflation through hints of tightened policy, versus higher business costs in the wake of the Middle East conflict.
BPI went downhill, closing at 95.40 (-1.24%) after breaching previous support.
The index eased -0.10%, continuing to trade below all key moving averages, which keeps the broader setup cautious despite modest rebound attempts.
Follow-through reaction to BSP’s 25bps-rate hike plus continued high oil prices would likely be the main theme Friday.
Participants’ attention is on BSP’s scheduled monetary policy meeting, with consensus set for a status quo on interest rates.
ALI remains pinned below its moving averages, with sentiment still looking bruised after the recent small bearish spinning-top.
The local bourse barely budged last Tuesday, inching up by just +0.04% to 6,018.70 as the market stayed stuck in sideways mode.
Market participants will sift through headlines on Trump’s indefinite extension of ceasefire with Iran, versus continued US Navy blockage of Iranian ports.
Participants might go on wait-and-see mode, pending progress on the deadline of ceasefire between US-Iran.
The PSEi declined by 1.62% w/w to 5,999.13 (-99.08 pts) after failing to sustain a breakout above the 100-day moving average (MA), and the pullback toward the 20-day MA signals near-term weakness.
Expect range-bound movements for now, as sentiment remains anchored on political narratives from US-Iran’s new negotiation round, including conditions tied to the re-opening of the Strait of Hormuz.
ICT slipped -2.72%, but keeps its long-term uptrend structure intact closing at 715.00.
URC gained +1.56%, bouncing off the lows but still trading below the major moving averages, keeping the broader structure bearish despite the uptick.
The index closed at 6,063.69, marginally higher by 0.01%, as it attempts to stablize after recent downticks.
Participants might weigh feelers on Zaldy Co’s detention in Prague, IsraelLebanon’s 10-day ceasefire, as well as reports for weekend resumption of talks between USIran.
Just signup below for free: