While Mining & Oil sector continued its recovery, the rest of the industry sectors like Financial, and Services managed to pullback on the last minute rally (LMR) before the closing bell on the PSEI which closed at 7958 levels as of August 31th 2017.
As of Sept 02, 2017 - The Angle & Measure of Acceleration RRHI
This moved enabled #BPI to make an amazing price recovery at 105.90 meanwhile #RRHI chart above marked a new high at 91.50 to close the month at 90.75 levels. But #GTCAP still managed to slip lower to 1117.00 - chart below and for the day that saw Holdings in a tightly squeeze market due to the shortened trading week.
As of Sept 02, 2017 Declining price action GTCAP
Again the first two weeks of the new month of September may prove to be an exciting one as we expect market volatility to increase moving into the end of the third quarter trading.
PSEI opening levels above 8000 just gave the market a boost as the PH stock market have to generate its price recovery from a three day market squeeze that would navigate prices into positive territory. As Property +1.56%, Mining /Oil +1.18% have taken the lead so far, trailed by Industrial +0.97% & Holdings +0.76% sectors, as of this writing.
ReplyDeleteThe early am session has proven to be a bit of surprise for other market participants , although the relative price rally has given impetus for traders a reason to drive risk-on contrary to the surrounding fundamentals that kept the PSEI below the 8000 mark as it drove selective stocks lower before this rally to give it ample room for this price recovery.