MANILA, Philippines ? The local stock market will likely open with an upbeat mood this week as buoyant US markets are encouraging more foreign buyers to load up on equities.
Defying expectations of a consolidation, the Philippine Stock Exchange index surged nearly 5 percent last week to 3,734.70 on the back of a bullish Wall Street trading.
Follow-through buying is seen keeping the mood favorable as the closely watched Dow Jones industrial index racked up another 127.83 points or 1.24 percent to close at 10,447.93 on Friday.
?Chartwise, the week?s close at 3,734.70 suggests a test of the 3,800 levels,? said Banco de Oro strategist Jonathan Ravelas.
