Market Outlook

The PSEi closed on a red candle after it was rejected at 6700 levels near 50MA and 100MA.

Expect range-bound movements for now, as participants check for possible continuity of selling pressure especially on intra-day rallies.

Local equities may continue its ascent, as fund managers position in select stocks backed by improving momentum indicators.

Movements might be range-bound, as investors revisit corporate stories, specifically expansion plans & other M&A angles.

The PSEi rose by +1.64% w-o-w to close at 6,618.69.

The local bourse closed positive at 6628.20 after a sell-down the other day.

Sentiment might glide to US equities’ ascent, as slower inflation in April support hopes for the Fed’s rate cut.

The local bourse closed higher at 6608.36.

Sessions might glide to Wall Street’s incline, given indications from Fed chief Powell on interest rates.

Sessions might move sideways, possibly with an upward bias, as investors sift through select shares with attractive valuation.

The week’s attention would be on the local central bank’s policy meeting, specifically on officials’ outlook on interest rates given the latest April inflation & 1Q24 GDP data.

The PSEi retreated by -1.57% w-o-w to close at 6,511.93.

The local bourse fell by 116.72 points and continued to move sideways after a rejection from MA100.

Slower year-on-year (YoY) GDP growth comparison is expected, with high base effect for 1Q23.

After April’s latest CPI, participants will be heeding for the release of 1Q24 GDP data (coming from 1Q23 GDP of +6.4%, 4Q23 GDP of +5.6%).