PSE Market Outlook (29 Aug 2023) by 2TradeAsia
Sentiment might glide to Wall Streetâs overnight incline (Friday & Monday), as views are weighed on Fed chair Powellâs statement plus upcoming inflation data in the US.
PSE Market Outlook reports summarize our partner brokersâ analysis of the expected short-term movement of the Philippine Stock Exchange index (PSEi). This report primarily relies on Technical Analysis and may be useful to short-term or day traders.
Sentiment might glide to Wall Streetâs overnight incline (Friday & Monday), as views are weighed on Fed chair Powellâs statement plus upcoming inflation data in the US.
The index closed lower at 6,212.39 with bears still heavily selling even with the index already at critical levels, ending the day nearer to
Market participants will sift through headlines during the weekend break, especially with Fed chair Powellâs upcoming statement, and property trends in China.
Participants will check on continuity of prior sessionâs advance, as well as consensus for status quo from BSPâs policy meeting today.
The index closed lower at 6,335.91 with bears still selling, ending the day with a doji candlestick.
Eyes are set whether inflection point could be made at the 6,300 zone, as several watch if supply pressure would still be
Local equities might need to find a stable base for now, as the market digests on slower 2Q GDP, versus
The index closed lower at 6,449.66 with bears still selling after lower-than-expected GDP data.
Sentiment might sway to Wall Streetâs overnight incline (DJIA +1.16%, Nasdaq Comp. +0.61%), on expectations of tamer sequel inflation trend.
The index closes higher at 6,576.76 with bulls being able to defend prices near 6,500 levels.
Sentiment might sway to Wall Streetâs weakness, as some investors cash-out with the Ghost month season.
The PSEi closed at 6,593.80, with bulls trying to defend prices near 6,600 levels.
Selective buying might provide the boost on local gauges, as investors seize on this lull to position in equities.
Sentiment might glide with the region, on optimism over Chinaâs economic stimulus plan.
Volatile sessions are seen, as participants await key issues that will be presented in Pres. Marcos, Jr.âs SONA, timed with the US Federal Reserveâs meeting this week (25-26 July).
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