THE LOCAL stock barometer is seen to rise and probe the 7,000 level this week alongside improved global risk appetite as financial markets resume regular schedules following last week’s Asia-Pacific Economic Cooperation (Apec) Summit in Manila.
Last week, the Philippine Stock Exchange index (PSEi) rose by a modest 35.37 points or 0.51 percent to close at 6,932.81, recovering initial losses following the terrorist attacks in Paris the previous weekend.
Banco de Oro chief strategist Jonathan Ravelas said the PSEi had risen on bargain-hunting amid a shortened trading week due to the Apec summit.
“Chartwise, continue to see the market test the 6,800 to 7,000 levels,” Ravelas said. “A break below the 6,800 levels would signal further weakness to the 6,500-6,600 levels.”
On Friday, the closely watched Dow Jones industrial index gained 91.06 points.
Based on the latest BofA Merrill Lynch fund manager survey for November, risk appetite in global markets has improved ahead of a widely anticipated interest rate increase by the US Federal Reserve by next month. Doris Dumlao-Abadilla