Philstocks Financial Inc. research head Japhet Tantiangco said the market may retest the 7,400 to 7,500 range this week as investors could buy stocks that were heavily sold down last week.“If it manages to come back to this area, then this will be considered as its support, while resistance would be at 7,700. If it fails, however, then this will be its resistance, while support would be at 7,150,” Tantiangco said.
He said recent economic activity prints and emerging growth prospects also suggest that aggressive monetary easing is not necessary. The trading also declined in terms of value turnover, as foreigners turned net sellers in the past three trading days. Average daily value amounted to P6.33 billion.
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