Market Outlook

Market participants will monitor continuity of Friday’s supply pressure, especially with softer gauges from Wall Street & crude’s ascent as a result of geopolitical headlines.

If the bulls dominate, the PSEi could once again retest next resistance levels around 6,700 and 6,800.

The index finds itself deep into a downward trend as the index falls for its sixth straight day.

Recovery angles are seen, as the PSEi reverts back to 6,800-6,850 zone.

Comparative inflation is slowing, as 1Q24 average was at 3.3%, compared to 1Q23’s 8.3% and 4Q23’s 4.3%.

The local bourse saw three black crows in yesterday’s trading session as the index slumped by -0.54% or -36.76pts to 6,827.06.

Mixed trades might characterize Thursday’s trades, as investors heed for the latest inflation gauge data due Friday.

Barely a few points shy of the 7,000 zone, market participants are seen to monitor crosses above this mark while heeding for other momentum support.

The PSEi logged its third consecutive day of decline yesterday, causing the RSI to sink deeper into the bearish region.

Activity may stay range-bound in the absence of new leads, as most investors prepare for the Lenten pause.

The past month has seen the PSEi consistently trading with a range, unable to hold above the 7k threshold.

The benchmark index attempted to break above 6,900 and the 20-day moving average (MA) but this was not sustained at the end of the week.

The PSEi saw a relatively strong market in yesterday’s trade, rising by +1.55% to 6963.22 at the end of trading.

Market participants will monitor prospective crosses above the 7,000 zone, given the series of net foreign buying support in select large-caps.

Positive sentiment for less-restrictive monetary policies this year might reverberate in the region, given the Fed’s move to adopt a status quo on its widely-tracked interest rate.