News Formal

Stock market seen testing 6,800 level

  • 📰 TheManilaTimes
  • ⏱ Reading Time:
  • 22 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 92%

Stock Nyheter

Market,Seen,Testing

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 2. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Stock market down on profit taking despite lower inflationDefining the News
Källa: MlaStandard - 🏆 20. / 55 Läs mer »

PH stocks snap 3-day rally amid profit-takingDefining the News
Källa: MlaStandard - 🏆 20. / 55 Läs mer »

Market rally cut short by profit takingThe stock market closed the week in the red as profit-takers stepped in.
Källa: PhilstarNews - 🏆 1. / 94 Läs mer »

PH stocks drop on profit-taking after market rallyDefining the News
Källa: MlaStandard - 🏆 20. / 55 Läs mer »