Week ending Feb 02, 2018
The PSEI ended the week of Feb 2, 2018 with a massive market sell-off after marking a high at 9078 with a low at 8721 while closing for the week with a sign of relief at 8810.75 (round figure). The price recovery on the close was agian triggered from a last minute bid as the benchmark index pullback from the low session ending with a net change of +72.03 +0.82%.
It's a matter of timing the next turn!
Net foreign sellers have continued their market outflow as prices have continued their decline and saw an opportunity to exit with the price recovery at the end of the session. A total net negative trading range from its high /low band for the week is 357 nearing last month range of 461 basis pts to say the least. Meaning that it bearly took a mere weak to pared gains made from its rally in January alone.
While the overall market trend for the PSEI still is intact, only to time the next turn is what needs to be taken into consideration. The overwhelming market sell-off have had a wide dent for retail investors and traders alike, but the narratives would not be reported as widely when it comes to the rally and profit taking action..In spite of news agencies account and financial summary reports of profit taking activities have generally surrounded the market.
Apparently, there are more decliners than advancers with the obvious unchanged watching on the side line as to where prices would end after three consecutive down days.
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