Philippines shares likely to mark time

Philippines share prices are likely to mark time as investors await an expected central bank move to raise interest rates after inflation hit a 17-year high last month, dealers said Friday. "Our market may remain lethargic as we await market-moving news," Astro del Castillo of First Grade Holdings told Dow Jones Newswires.
Inflation surged to 12.5 percent in August, the highest since 1991. Ron Rodrigo of DBP Daiwa Securities pegged the index support level at 2,700 points. For the week to September 5, the composite index rose by 1.4 percent or 36.63 points to 2,724.72.
Average daily volume for the week was 1.4 billion shares worth 1.7 billion pesos (36.4 million dollars) compared to 1.37 billion shares worth 1.8 billion pesos the previous week.