Stocks may retest 6,500-point mark

Share prices are expected to continue to trade between the 6,000-point to 6,500-point level over the near term period as concerns about the rapid spread of coronavirus continue to weigh on investors’ sentiments.

Analysts said investors will continue to monitor developments related to COVID-19, although many countries are slowly restarting their economies which could improve global growth, 

“The week’s close at 6,372.66 highlights strong support exists at the 6,000 levels. Expect continued consolidation within the 6,000-6,500 levels in the near-term,” BDO Unibank Inc. chief investment strategist Jonathan Ravelas said.

He said investors should look out for a break above the 6,500 level as an opportunity to retest the 6,800/6,900 levels.

The Philippine Stock Exchange Index last week rose 2.9 percent to 6,372.66, while the broader All Shares Index climbed  2.4 percent to 3,717.93 boosted by foreign buying.

All sub-indices also ended in the green, led by industry which gained 4.2 percent, property which rose by 4 percent, and services which rose 2.7 percent.

Overseas investors were net buyers for the week by P5.4 billion, while the average daily value traded stood higher at P8.48 billion from the previous week’s average of P6.6 billion.

Topics: Stock Market , Philippines Stock Exchange , PSE , Philippines Stock Exchange Index , PSEi , coronavirus disease 2019 , COVID-19
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