Philippine stocks may continue to move sideways this week as investors take CASES from the upcoming release of key economic data that may be able to bet on the Bangko Sentral Ng Pipipinas NG Pipipinas NG Pipipinas (BSP) Cut this month.
On Friday, the Philippine Stock Exchange Index (PSEI) rose by 0.89% or 53.11 points to end at 6,022.24, while the broader all-share gained 0.85% or 30.23 points to 3,568.34.
Week by week, the psei increased by 25.11 points from its 5 997.13 points close on November 21.
“The local bourse closed with modest gains, holding above the 6,000 level after a big week close to the week as investors are waiting for new catalysts to decide the next move of the market, said the online dealer of ” online. “The index is always waltzing around the 6,000 area, with intraday moves highlighting its attempts to eliminate fake headlines.”
“While fighting hard, good sentiments have been taken from the local market last week, allowing it to reduce its gains and above the 6,000 level,” Philstocks Financial, Inc. Research study o. Tantiangco. “Bourse is still under observation, as it may not exceed the Oct. 20 Peak of 6,141.87.”
This week, the players will look at the important economic reports because of the salary, he said.
“Investors are expected to look at the Philippines’ November data that is expected to improve sentiment as they will support the production of the BSP rate.
November Inflation data will be released on Friday (Dec. 5). A Businessworld A poll of 15 analysts showed an average of 1.6% for the consumer price index, within the BSP’s 1.1-1.9% If realized, this could be easy from the 1.7% clip on October 1 and 2.5% in the same month last year. This will also be the slowest since the 1.5% print in August and will mark the ninth straight month that inflation has fallen below the central bank’s target.
Meanwhile, the PMI data will come out on Monday (Decren 1).
“Finally, investors may be looking at the movement of the peso, with further appreciation expected to help the local market,” said Mr Tantiagco. “Chart-wise, the psei can continue to test the level of 6,000. If it can hold its position on the mentioned line, this will be seen with 6,150 selling above it, showing positive momentum.”
Meanwhile, 2TraderASia.com said Nov. 30 fake anti-corruption protests can act as a temporary catalyst for the market. “[These] There may be a spike intensity but it emphasizes the long-term changes needed to eventually reduce the country’s risks that have plagued it. “
It placed Psei immediate support at 5,800 and resistance at 6,000, with secondary resistance at 6,100. – Alexandria Grace C. Magno
