{"id":325533,"date":"2023-11-02T12:49:40","date_gmt":"2023-11-02T04:49:40","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=325533"},"modified":"2023-11-02T12:49:42","modified_gmt":"2023-11-02T04:49:42","slug":"psei-below-6000-points","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/psei-below-6000-points\/","title":{"rendered":"PSEi falls below psychological support of 6,000"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Analysis and Recommendation<\/h2>\n\n\n\n<p>The local market continued to retreat, breaching below the 6,000 psychological support on market pessimism over the 25 bps (0.25%) off-cycle rate hike to 6.5%. The PSEi dropped to its 52-week low of 5,956.86 during intra-day trading on October 27 and ultimately closed at 5,973.78 on October 31. <\/p>\n\n\n\n<p>The local market traded in the red for most of the week on geopolitical risks and the Bangko Sentral ng Pilipinas (BSP) signalling an off-cycle rate hike as early as Thursday amid the 1st reporting round of the 9-month (9M) 2023 corporate earnings. The PSEi lost a staggering 180.91pts or 2.95% week-on-week after the BSP hiked its key policy rates.<\/p>\n\n\n\n<p>Meanwhile in the U.S., Wall Street rallied on Monday after last week\u2019s sell-off. This is on the back of McDonald\u2019s reporting a better-than-expected earnings and negotiation-in-progress deals with the strikes in the auto and entertainment industries. The Dow advanced 1.58% to 32,928.96, the S&amp;P 500 increased 1.20% to 4,166.82, while Nasdaq rose 1.16% to 12,789.48.<\/p>\n\n\n\n<p><strong>Our View:<\/strong> The local market may rebound on bargain hunting as the market fell in the 5,900 level. Immediate PSEi resistance lies at 6,000.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s a commentary on an important issue or event affecting the stock market<\/p>\n","protected":false},"author":1685,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-325533","post","type-post","status-publish","format-standard","hentry","category-special-reports","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/1685"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=325533"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325533\/revisions"}],"predecessor-version":[{"id":325535,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/325533\/revisions\/325535"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=325533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=325533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=325533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}