Market Outlook

The PSEi changed slightly in yesterday’s trading, as it looks to hold at its current range.

Market participants may weigh reception to local industry players’ move to reduce fuel prices, or skew in favor of the recent Mideast conflict’s effect on sequel oil pricing.

The PSEi retreated by -0.97% w-o-w to close at 6,259.95 (-61.29pts).

The PSEi tumbled below the 6200-level, with a candle that almost resembled a bearish marubozu candle.

Market participants will monitor progression on the lifting of rice price ceiling, parallel to the approved fare hike of LTFRB for jeepney vehicles.

Subdued sessions are seen following the PSEi’s decline yesterday, as participants await for the release of September inflation.

The index closed at 6,385.32 as the index bounced back.

The index closed at 6,263.94 as the index bounced back.

Attention is set whether the PSEi’s run-up would continue, or for prospective breathers to set in.

Participants will monitor if prospective technical breathers might set in, given the local market’s recent ascent.

Market participants will monitor the PSEi’s move above the 6,200 mark, following prior sessions’ ascent.

Momentum is still being flattish as RSI starts to consolidate indicating that the index may

Moving averages are still bearish with the index nearing solid support at 6,000 levels.

The mood might remain tentative, pending the Fed’s sequel move on benchmark interest rate.

Movements might stay sideways, possibly with another downward bias, ahead of the Fed meeting.