1:00 am | Tuesday, October 7th, 2014
As the local stock market reopens today after a long weekend break, the main stock barometer is seen firming up above the 7,200 level.
Last week, the Philippine Stock Exchange index (PSEi) declined by 0.2 percent week-on-week to close at 7,247.03 on Friday. On Monday, the market was closed in observance of the Islamic holiday Eidul Adha (Feast of Sacrifice).
“With the close above 7,200, continue to expect the index to range between the 7,200-7,400 levels in the week ahead,” said Banco de Oro Unibank chief strategist Jonathan Ravelas.
When the index dipped below this level last week, Ravelas noted that traders took it as an opportunity to buy, thereby allowing the index to rebound.
During the early part of last week, however, Ravelas noted that the market was trading sideways due to lack of fresh leads.
“Bargain-hunting on the last trading day allowed the market to recoup some of its losses,” he said.
On the foreign exchange market, Ravelas said that similar to other Asian currencies, the peso weakened against the US dollar as pro-democracy protests in Hong Kong dampened sentiments in Asian markets. At the same time, he said the upward revision to 4.6 percent from 4.2 percent of the second-quarter economic growth in the US boosted sentiment for the greenback. Doris C. Dumlao
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