PSEi seen retesting 7,300

The local stock barometer is seen attempting to retest the 7,300 barrier this week, possibly aided by some month-end window-dressing activities.

Last week, the Philippine Stock Exchange index (PSEi) gained 58.84 points or 0.8 percent to close on Friday at 7,276.18.

“Chart-wise, expect the index to continue to range between the 7,000-7,300 levels in the week ahead,” said Banco de Oro Unibank chief strategist Jonathan Ravelas.

“The 7,300 level is proving to be a tough resistance as any signs of breaching that mark is being met with profit-taking,” Ravelas said.

On Friday, the S&P 500 rose to a record high on the back of monetary stimulus expected in China and Europe, in turn boosting hopes for the global economy.

Meanwhile, Ravelas said the peso last week weakened against the greenback as concerns over the effect of the Japanese recession led investors to favor the US unit as a safe haven. Doris C. Dumlao