Market Outlook

Momentum may continue for local equities, supported by improving turnover and net foreign buying position.

Participants will sift through events during the weekend pause, while monitoring turnover build-up towards the end of 2023.

The macro support is anchored on consumer spending-driven growth for the remainder this year, plus

Eyes are set on the PSEi’s staying power above the 6,200 mark, while some participants might opt to cash-out given the recent rise.

If the PSEi sustains its last week’s rally, it can retest next resistance levels at

Relatively subdued sessions are seen, as participants weigh on catalysts likely to drive yearend rallies.

The index is now trading at its 50-d MA.

Eyes are set on the local central bank’s policy meeting today, whether or not it would second 26 October’s 25bps off-cycle rate hike.

The PSEi showed higher volume for yesterday compared to the day prior.

Focus will be on possible improvement in yesterday’s dismal turnover, ahead of latest inflation print in the US that might support expectations for the Fed’s next course on interest rates.

Sentiment might sway to Wall Street’s ascent, as portfolio repositioning builds ground for 2024.

The PSEi surged by +2.88% w-o-w, sustaining its rally the previous week. However, the volume remained tepid at P3.1bn.

The PSEI showed strength once again as it added +33.19pts or +0.54%, ending at 6,188.22 in yesterday’s trade.

Share prices would balance-off stronger-than-estimated 3Q GDP with the Fed’s reiteration to keep monetary policies tight to meet their inflation goal.

Market investors will get feelers on 3Q23 GDP results (from +4.3% in 2Q23), and balance prospects towards 2024.