Stock market expected to stay in 7,000 territory

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EPISODES of profit-taking could occur this week following the US Federal Reserve’s jumbo rate cut and the Bangko Sentral ng Pilipinas’ (BSP) lowering of bank reserve requirements, analysts said.

The Fed’s 50-basis point (bps) interest rate cut and the 200-bps reduction to the reserve requirement ratio (RRR) for universal and commercial banks helped boost the local stock barometer to a two-and-a-half year high of 7,252.32 last Friday.

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