The Philippine Stock Exchange Market Outlook Above 8,000 Points

According to PinoyInvestor, this past week, the PSEi continued its trek above 8,000 points and last Monday, the index reached a new 16-month high record to end at 8,365.29. However, profit-taking ensued and the index dropped 1.22% to end at 8,263.57 yesterday. Where do we go from here? Can the PSEi sustain its place above 8,000?

Here's the stock market outlook of PinoyInvestor partner brokers:

From First Metro Securities

The PSEi managed to hold above previous resistance and previous high of 8,213 with trading volumes remaining elevated. The index may correct today, as it looks to consolidate its gains after breaking 8,000 and making new year-to-date highs. The US markets were lower yesterday, following US President Trump's comment that a trade deal with China is still 'a long way to go'. A correction in the local market may be shallow though as traders waiting for an opportunity to get in, after the breakout, may pick up the dips.

From Regina Capital Development Corporation

The Philippine stock market remains in a bull market despite the correction. But this indeed settles some aspect, including an increasing resistance at 8,422.00 and a possible support at 8,158.77 points.

Want to always be ahead of other investors? Rely on these PinoyInvestor reports to trade smartly and profitably in the PSE every time:

Exclusive Special Reports

• Special Report #1: Oil Sector Outlook, with Target Prices for PCOR, SHLPH, PNX
• Special Report #2: Banking Sector Outlook, with Target Prices for BDO, MBT, SECB, BPI, EW
• Special Report #3: Gaming Sector Outlook, with Target Prices for BLOOM, RWM

Model Portfolios and Stock Picks

• Model Portfolios: Unloved, Value Play, Yield Seeker, Riding the Momentum
• Stock Picks: Stock Picks for the Week by First Metro Securities

Fundamental Analysis

• Stock in Focus #1: First Philippine Holdings (FPH) by AP Securities
• Stock in Focus #2: Global-Estate Resorts, Inc. (GERI) by Regina Capital Dev’t Corp.
• Stock in Focus #3: Jollibee Foods Corp. (JFC) by Unicapital Securities

Technical Analysis

• Technicals Talk #1: Banco de Oro (BDO) by First Metro Securities
• Technicals Talk #2: Cebu Air Inc. (CEB) by Regina Capital Dev't Corp.
• Technicals Talk #3: Phinma Energy Corp. (PHEN) by Unicapital Securities

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I am not a stock market investor, not a licensed stock market advisor, does not provide personal investment advice nor advocate Buy/Sell/Hold recommendations of any investments and securities. You should seek advice from qualified/licensed stock market advisors before engaging in any transaction.