Philippines share prices could rise further next week thanks on the back of favourable economic growth figures in the September quarter - provided there is no bad news from abroad, dealers said Friday. "Technically, we look good. We will probably have a December rally," Jose Vistan of AB Capital Securities told AFP.
"There will be some positioning in expectation of a rally," he said, adding that the 4.6 percent economic growth in the third quarter, announced last week, could have a "delayed effect" next week.
The Philippine market will be closed Monday for a national holiday and ABC Capital Securities Inc said in an advisory that "after taking a long rest this weekend, the market may continue its uptrend if the external influences remain positive." "The (market) may also choose to ignore negative sentiments in some parts of the world and start anew next week," the note added.
For the week to November 28, the Philippine composite index rose 11.6 percent or 205.67 points to 1,971.57 points. In the previous week, the index fell 10.7 percent. Average daily turnover rose to 1.06 billion shares worth 1.59 billion pesos (32.6 million dollars) from 638.27 million shares worth 1.22 billion pesos in the previous week.
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