Philippines shares may extend gains

Philippines share prices should extend gains amid optimism the country's economic growth will pick up, dealers said on Friday. The market had been on a roller-coaster the previous week, rising along with other foreign markets but correcting every time stocks rose too sharply. "Our outlook for the market next week is still positve," said Jeng Calma of A and A Securities Inc.
"We are nearing the second half of the year and most analysts project the economy will be better in the second half of the year," she said. Additionally, the May 2010 presidential elections are coming closer "and this will spur economic activity" in the latter half of 2009, she added.
For the week to May 15, the composite index gained 66.72 points or 2.97 percent to 2,308.70 points. Average daily turnover rose to 2.46 billion shares worth 3.37 billion pesos (70.8 million dollars) from 2.43 billion shares worth 3.23 billion pesos the previous week.