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Stock market seen to retest 7,000 level

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THE stock market is set to re-test the 7,000-point level this week as the local bourse on Friday breached 6,800 points, fueled by the interest rate cut by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) last Thursday, for the first time in four years.

THE stock market is set to re-test the 7,000-point level this week as the local bourse on Friday breached 6,800 points, fueled by the interest rate cut by the Monetary Board of the Bangko Sentral ng Pilipinas last Thursday, for the first time in four years.As investors digested the 25 basis points rate cut announced by the BSP, the benchmark Philippine Stock Exchange index surged past 6,800 level after gaining 154.46 points on Friday, or 2.31 percent, to close at 6,847.37, a new 4.5-month high.

'With the already going for one 25 basis point rate cut, together with the prospect of more monetary policy easing moving forward, we may see the market climb further next week,' he added.Tantiangco also explained that if easing worries of recession in the US continued, it could also help the local bourse's climb next week.

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Stock market seen testing 6,800 levelPROFIT-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.
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