Index to trade within 6,000-6,300 range

The Philippine stock market’s immediate support this week is seen at 6,000 with resistance at 6,300, according to 2TradeAsia.

-  IRIS GONZALES

Last week, the Philippine Stock Exchange index (PSEi) rallied by 172 points to close at 6,161, up by 2.88 percent week on week. Most counters, meanwhile, gained, primed by financials and property.

Despite this though, average value turnover declined to P3.63 billion, down 7.49 percent week on week, while net foreign selling eased to P17 million on average or down by 103.77 percent weekon-week.

Factors that would affect the Philippine stock market this week include upcoming US inflation for October, which would be a vital key in projecting the Fed’s move in its December meeting, according to 2TradeAsia.