PSE Market Outlook (9 May 2023) by 2TradeAsia
Participants might monitor possible continuity of yesterdayâs selling, given local equitiesâ recent rise.
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.
Participants might monitor possible continuity of yesterdayâs selling, given local equitiesâ recent rise.
Sentiment might glide to Wall Streetâs ascent Friday (DJIA +1.65%, Nasdaq Comp. +2.25%), as well as
The index continues to try to break above its resistance at 6,684. Support levels are at 6,621 and 6,440.
Market investors will digest the Fedâs widely-expected 25bps rate hike move, and balance Fed chair Powellâs latest statement for clues on its sequel move.
The index continues to break above its previous resistance level with the index now finishing at 6,672 after a bullish run.
The only counter so far is on the current turnover, as some might be bidding for time ahead of results from the Fed meeting.
The index is trying to break above 6600 levels. Support levels are at
Momentum is expected to continue, as focus shifts to latest inflation in May, 1Q earnings as well as dividend season for several listed firms this May.
The index is trying to break above 6,600 levels.
Sentiment might sway to Wall Streetâs overnight climb (DJIA 1.57%, Nasdaq Comp. +2.43%), on upbeat quarterly results from select large caps.
Tight trading zones may continue, as participants digest 1Q23 interim results & capex guidance from select listed firms to get a general feeler on sector trends.
Barely a few points shy to breaching the 6,600 mark, some might seize on this strength to cash-out, while waiting for clearer guidance on
The PSEi rebounded last week, however, value turnover averaged only at P3.8bn.
Expect volatility this week, as investors check for month-end portfolio re-balancing.
The index closed slightly lower at 6,464.72 moving closer to its support of
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