Philippines share prices will likely take their cue on what happens following the latest failed military mutiny against President Gloria Arroyo, dealers said Friday.
Military officers involved in past attempts to topple President Gloria Arroyo briefly occupied a luxury hotel in the Philippine financial district on Thursday, demanding Arroyo's resignation.
The mutineers surrendered after police lobbed tear gas at them but security officials say this was part of a wider plot and that the backers of the mutiny are still at large, raising fears of further unrest.
"Much of the market reaction will depend on how things will shape up over the weekend," he said, remarking that investors would be looking out for any sign of new destabilisation moves.
For the week to November 30, the composite index rose 84.11 points or 2.4 percent to 3,578.55 points. Average daily turnover rose to 3.82 billion shares worth 4.575 billion pesos (107 million dollars) from 2.24 billion shares worth 4.14 billion pesos in the previous week.
Comments
Comments are closed.