Index upside points to 7,000 level

The benchmark Philippine Stock Exchange index (PSEi) could retest the 6,700 resistance this week and break toward 7,000 in the near-term, analysts said.

- IRIS GONZALES

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi’s immediate major support is seen at 6,215 to 6,310 while the next resistance is at 6,600.

This could lead to a potential re-test of the 6,700 levels, particularly the high of 6,698.41 posted on July 25, 2003, he said.

He added this is the next important gateway to further upside potential toward the 7,000 levels in the coming weeks or months.

Last week, the PSEi fell by 139 points or 2.1 percent to 6,503, as all sectoral gauges were down.