Philippine share prices are expected to consolidate at current levels in the coming week amid a lack of fresh leads and signs of waning interest from abroad, analysts said Friday.
"It looks like the market will not have any clear direction in the near term. There's no news compelling enough to convince investors to take longer positions," said Lawrence de Leon of Accord Capital Equities.
He said the market is expected to hover near the 2,100 level next week.
"It seems the weakness in the equities market is not an isolated case. It seems fund managers are lightening up in Asia," remarked Jonas Ravelas of Banco de Oro.
"We should be trading range bound between 2,080 and 2,150 next week," said Ravelas.
"The market is likely to remain in consolidation between 2,100 and 2,172," said BPI Securities in an advisory to clients. It said that if the index falls below the 2,100-level in the coming days, "then the bearish pattern may still come into play."
For the week ending March 10, the composite index fell 1.27 percent or by 27 points to 2,103.37 points.
Average daily turnover fell to 631.2 million shares worth 1.141 billion pesos (22.2 million dollars) from 821.2 million shares worth 1.335 billion pesos in the previous week.
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