PSE Market Outlook (15 Jan 2024) by 2TradeAsia
Gauges might stabilize above the 6,600 mark for now, as participants monitor developments at the crude market and its impact to inflation.
Gauges might stabilize above the 6,600 mark for now, as participants monitor developments at the crude market and its impact to inflation.
WLCON traded higher for 6 consecutive days then pulled back yesterday to 23.85, closing down by 0.63%.
JGS bounced off near the resistance line of a rising channel and retreated yesterday after trading higher for three consecutive days.
Market watchers are expected to watch local gauges’ climb towards 6,700 as fund managers check on continuity of wider net foreign buying & accelerated momentum via improved turnover.
After reaching its all-time high of 151.40 in mid-July last year, BDO pulled back and has been creating higher highs and lower lows but still respecting the 125.50 to 126.00 area as support.
Sentiment might sway to Wall Street’s strong advance (DJIA +0.58%, Nasdaq Comp. +2.2%), as momentum builds for less-restrictive monetary policies.
Second-wind response to tamer inflation for December (3.9% vs. Nov.’s 4.1%) might be seen, as participants carefully monitor the PSEi’s return to the 7,000 zone (achieved last 23 Jan. 2023).
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