By Jennifer Ambanta | Posted on Aug. 26, 2013 at 12:01am
Share prices are expected to track the downtrend of Asian markets this week, amid concerns over the US Federal Reserve’s plan to reduce the bond buying program later this year.
BDO Unibank Inc. chief market strategist Jonathan Ravelas said the Philippine Stock Exchange index might drop to as low as 5,650 points, if it broke the 6,000 psychological level.
“Chartwise, the index tested the 6,000 level and fell below the 200-day moving average. A break below 6,000 may signal further losses toward the 5,650 to 5,800 levels,†Ravelas said.
He said any pullback would be limited to 6,250 to 6,350 levels.
The PSEi plunged by nearly 6 percent to 6,136.73 on Thursday, the first day of last week’s trading halted by the massive flooding that hit Metro Manila. The stock market followed the movements of Wall Street and the regional markets.
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