PSEi: Sustained correction pushing index close to support

The PSEi fell for the third consecutive day. It settled -0.53% or 36.54 pts lower to 6.851.38. Friday’s movement further cements the bourse’s new resistance of 6,973.35. The leftover bullish signals are starting to lose some momentum. The correction would likely persist over the next couple of days as the indicators continue to lose momentum. However, it is nearing the support at 6,770.20. Despite the downtrend, the index is still trading above the key short- and long-term moving averages. Meanwhile, the majority of the sectors were in the red, with the Properties (-2.01%) and Financials (-1.06%) leading the decliners. Only the Services (+0.98%) and Industrials (+0.86%) sectors settled higher.

LEAVE A REPLY

Please enter your comment!
Please enter your name here