Market may break 6900-pt resistance ‘very soon’

Philippine shares may hit the next resistance level at 6,900 points “very soon” after the benchmark index returned to the 6,800 mark on Friday on a surge of optimism following the country’s recent rating upgrade by global debt watcher Standard & Poor’s.

“The country’s credit rating was raised to BBB from BBB- by S&P [and this] has boosted investor confidence anew. This will further attract investors to the market. This helped push the market beyond the 6,800 level,” Jonathan Ravelas, chief market strategist at BDO Unibank, Inc., said in a text message.