Investors will monitor a slew of overseas data this week, but risks to the downside remain after the Philippine Stock Exchange index (PSEi) closed below a key support level.
The PSEi shed 2 percent last week to end Friday’s session at 6,142.90. This was its lowest finish in over a month as external developments such as the Israel-Hamas war weighed on sentiments. “The failure of the index to hold above the important 6,150 support level last Friday will shift the tone of trading toward caution this week,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said over the weekend.
‘Dampened risk sentiment’
“Increasing US Treasury yields and the volatile Israel-Hamas conflict have dampened risk sentiment as investors wrestle with tight monetary policy, upward oil price pressure and geopolitical tension,” he added. Colet said investors would be on the lookout for key data releases this week.
These include the US’ gross domestic product for the third quarter and its core personal consumption expenditures price index for September, among the indicators followed by the powerful US Federal Reserve. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi would need to hold 6,100 or risk falling lower to around 6,040 to 6,000.
For the upside, the next major resistance level was seen at 6,430 up to almost 6,700, he said.
—Miguel R. Camus INQ
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
