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The PSE market rebounded on the third day of Global market rout and closed by +0.12% at the close as investors flee riskier assets from the market. US inflation at high peak of more than 8% is pushing the FEDs from increasing the interest rates again. People are moving their assets from risk investing as of this time. Covid19 cases for NCR was recorded with a 53% increase as compared last week, prompting headlines on possible Alert level 2 call outs.
PSE index close at 6,474.53with a net foreign selling of -1.24 Billion.
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For the index sector, industrial sector (-0.87%) led the drop in the market while Holdings sector (+1.64%) rebounded during the pre-close period.
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For the Blue chip index AEV(+3.23%) and GTCAP (+3.05%) led the blues, while MONDE (-3.42%) and WLCON (-2.98%).
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For Global and Asian markets, US market dropped significantly in yesterdays closing where Nasdaq fall by as much as -3.77%, Dow Jones -4.68% and S&P500 by -3.88%. ASIAN markets in early trading were still in deep red as well.
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The US market is set to bounce however for the day as the futures are currently indicating green levels.
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On the cryptocurrency side, all eyes are with Bitcoin as it broke below 22k level yesterday. It is still reeling from a big loss as of this writing. Current level is 22,292 with a -12.19% loss since yesterday break on its support level.
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Binance have to stop trading of Bitcoin yesterday for a while as it encountered “technical” errors during trading.