CNVRG continues its uptrend, gaining +3.76% to close at 18.78, while trading above all key MAs — reinforcing its bullish outlook.
The PSEi surged to 6,323.13, posting a + 0.16% intraday gain continuing its increase in price past the 6,300 level.
Local sessions may continue with its recent trend, as fund managers with cash reposition in key stocks poised for rebound.
With the Fed’s status quo on interest rates factored into prices, market participants might build on expectations for BSP to resume its rate easing cycle this April.
SM incurs no intraday gain as it trades near its 50-day MA.
MBT closed with a -0.48% loss intraday, hovering near its 50-day MA but remaining below its longer-term MAs.
The PSEI slips -0.34% but maintains its upward trend, finding dynamic support at the 50-day MA.
Movements may continue to remain range-bound, as participants heed for results from the Fed’s policy meeting & other indicative directions from local monetary policy makers.
Similar movement of solid opening followed by range-bound pattern is seen for equities, as most fund managers reposition cash in select oversold index shares.
MER is currently in an uptrend, maintaining its position above key moving averages, which suggests strong bullish momentum.
The PSEi slipped to 6,294.11 (-0.07% w/w), shedding a modest 4.18 pts but holding above the 20-day and 50-day moving averages.
Gauging from the recent trend in net foreign buying position, gauges might be poised to affirm its strength within 6,400-6,500, possibly on gradual mode.
SPNEC surged by +8.70%, accompanied by a volume spike, signaling a strong bullish breakout.
The PSEI inched higher by +0.76% intraday, attempting to regain momentum as it now holds above its short-term MA.
Given US markets’ renewed slump, expect volatility from the latest traderelated issues within the wines/spirits market.
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