The Philippine Stock Exchange Index opened at 6,848.95– down by 14.91 points or 0.22 percent on the week’s first trading day.
Japhet Tantiangco, research manager at Philstocks Financials, Inc., said investors are expected to watch out for catalysts on the sustainability of the strong results in the first half.
“Macroeconomic concerns are expected to challenge the extension of the local market’s rally. This includes the still hawkish outlook of the Federal Reserve, the possibility of more rate hikes by the Bangko Sentral ng Pilipinas, the further widening of our Balance of Payments Deficit, and lingering supply problems in some of our country’s agricultural commodities,” Tantiangco explained.
As of 10 a.m., PSEi clocked in at 6,780.42, still down 83.44 points or 1.22 percent.
Chart-wise, the local market’s immediate support is seen in its 200-day exponential moving average.
On the other hand, immediate resistance is seen within the 7,000 to 7,100 range.