Mixed Trend, As Bargain Hunters Position Ahead Of Month-end, Q3 Earnings Season
Market Update for the Week Ended Sept 24 and Outlook for September 27-30 The last full trading week of September ended with a mixed performance and trend to further resist decline as the key performance index closed marginally higher, thereby extending the seeming positive outing for the second consecutive week on a very high traded volume and positive sentiment to signal a reversal as investors’ psychology during the period led to a hammer candlestick formation that supports an uptrend. The seeming mixed markets globally due to fear of a possible default by Evergrander in the payment of its debt obligation and the news that China had declared the use of cryptocurrency illegal led to selloffs in many crypto futures, among others ahead of the 2021Q3 earnings reporting season. This was just as the result of calm and corrections in the domestic market gathered strength over the last two trading sessions of the week under review to retrace up on positive breadth. The daily char...