(Last Updated On: September 28, 2022)
The Philippine market keeps going low day by day as it tries to price in all the negative sentiment it receives from Macro and Micro fundamental levels.
Today PSEI is down again by -2.33%, yesterday it close by more than 3% drop.
There is a net foreign selling of -588.9 Million. The market could still not see its bottom at the moment. It closed below 6k level and is currently sitting at 5,879 and is now at levels similar to the pandemic period last September 2020.
Gainers of the index include BPI closing at 1.63% and ICT at 0.28% while decliners were led by GTCAP shedding -7.77%, ACEN -7.39% and ALI -5.53%.
ASIAN markets are all in red as well, moving similar to what the US stocks are showing. Hongkong dropping by -3.29% while China Index by -2.46%.
|Symbol||Name||Last Price||Change||% Change|
|^HSI||HANG SENG INDEX||17,272.03||-588.28||-3.29%|
|000001.SS||SSE Composite Index||3,045.07||-48.79||-1.58%|
|^BSESN||S&P BSE SENSEX||57,038.31||-69.21||-0.12%|
|^JKSE||Jakarta Composite Index||7,098.73||-13.72||-0.19%|
|^KLSE||FTSE Bursa Malaysia KLCI||1,405.52||-5.35||-0.38%|
|^NZ50||S&P/NZX 50 INDEX GROSS||11,119.57||-94.92||-0.85%|
|^KS11||KOSPI Composite Index||2,169.29||-54.57||-2.45%|
|^TWII||TSEC weighted index||13,466.07||-360.52||-2.61%|
The S&P 500 and Dow closed lower again on yesterday as well, sending Wall Street into a bear market as investors grew concerned that the US Federal Reserve’s vigorous war against inflation may cause the US economy to experience a severe slump.
It is currently showing a bearish opening by tonight’s trading.
What is happening to the PSE Stock Market?
The benchmark policy rate of the Philippine central bank increased by 50 basis points to 4.25% last week. Rates for overnight deposit and lending facilities also increased by 50 basis points to 3.75% and 4.75%, respectively.
Moreover additional news that the rate interests tigthening will continue again by November is sending shocks to the market.
The peso is slumping and could not keep up with the strong dollar, it closed several times to 59 pesos and based from the technical analysis, price action may tough 60 pesos in the short term. It is good that the peso conversion from overseas money to local people but the benefits could not materialize as inflation keeps prices very high.
Current PSEI RSI level have been oversold for the past few days and now is at RSI 21 already.