Philippines share prices are expected to recover in the coming week as the political situation calms down after street protests failed to get President Gloria Arroyo to step down, analysts said Friday. "The market will be up despite political controversies," said Astro del Castillo of First Grade Holdings.
Arroyo weathered a tumultuous week as opposition groups pressed their campaign to oust her from power based on allegations that she cheated to win the May 2004 elections.
A street protest demanding Arroyo's removal from office on Wednesday, drew some 30,000 people but this fell short of the opposition's earlier hopes of attracting about 50,000.
Despite the clamour for her ouster, Arroyo has stood firm, refusing to step down and has appointed new economic advisers.
Harry Liu, president of Summit Securities said investors would be watching to see if the Supreme Court upholds a crucial expanded value-added tax (E-VAT) revenue measure.
For the week ending July 15, the Philippine Stock Exchange composite index gained 20.8 points or 1.1 percent to 1,897.08 points.
Average daily volume fell to 406.4 million shares worth 1.467 billion pesos (26.3 million dollars) from 631.14 million shares worth 1.668 billion pesos in the previous week.
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