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Stock market seen testing 6,800 level

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PROFIT-TAKING could lead to a pullback for the stock market this week but a close in 6,800 territory should not be ruled out, analysts said.

The benchmark Philippine Stock Exchange index, which hit an intraday high of 6,829.97 last Friday, closed 2.16 higher week-on-week at 6,791.69. It had closed a year low of 6,158.48 on June 21.Online brokerage firm 2TradeAsia.com said that the PSE's upward momentum was being boosted by expectation of rate cuts sometime in late third or fourth quarter this year and positive headlines regarding cooling inflation in relevant markets.

Still, Tantiangco said that traders could choose to take profits this week, driving down the market.'At its current level, the local market is still deemed to be fundamentally undervalued. Hence, long-term investors may also take positions next week,' he said.'The short of it is that positive earnings plus central bank policy decisions in August should provide near-term propellants for local equities.

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