The main index is seen to experience profit taking given its two-week ascend, while investors are expected to look for new cues this trading week, an analyst said. Philstocks Financial Inc. senior research analyst Japhet Tantiangco said the local bourse might see profit taking, following the two-week rally that brought it up by 10.21 percent. He added that the market might test its initial support and 10-day exponential moving average currently at 6,718.55. The possible surge in Covid-19 cases both onshore and offshore, on the other hand, is seen to be a downside risk for local shares. Tantiangco noted that the market’s initial support is its 10-day exponential moving average, while next support is at 6,600.

Source: Manila Times November 15, 2020 16:07 UTC