Market Outlook

The PSEi gained by +2.88% w-o-w to close at 6,628.75, snapping a three-week losing streak.

Sentiment might take its cue from Wall Street’s ascent, as participants assess select batches of 1Q results from select listed shares.

Coming from the two consecutive strong bullish candlesticks, the PSEi showed signs of profit taking as the local bourse concluded yesterday’s session flat at 6,574.88.

Participants would monitor reception to slower-than-expected 1Q US GDP, as well as higher inflation print.

The local bourse takes a breather after days of heavy losses, and sees a strong support build at around these levels.

Local gauges may continue its positive trend, as sentiment takes its cue from Wall Street’s strength.

Local equities might take its cue from Wall Street’s upbeat trend, as participants await the release of more 1Q earnings report.

The index closed last week showing extreme bearishness, having dipped below all significant moving averages but is now consolidating around the 200-day MA, suggesting

Yesterday, the local stock market staged a notable recovery, surpassing the 6500 level for the second consecutive day.

Local equities may continue to reinforce its strength, given the latest trend.

Market participants will monitor continuity of the local bourse’s recent recovery, possibly back to 6,500.

The index’s standing decreased by -10.57% in less than 2 weeks, indicating rapid and substantial losses trading now within the 6404.97 to 7082.02 range.

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.