Philippines share prices are expected to consolidate next week after a strong run to near-seven year-highs this week, analysts said Friday.
BPI Securities said in a research note that the market may pull back after the composite index breached the 2,270 resistance level, but added a "correction is likely to be shallow."
It sees support at 2,270 and 2,200 points.
AB Capital Securities said the market is expected to consolidate gains after this week's sharp gains.
Trading resumes Tuesday after the May 1 Labour Day holidays.
For the week to April 28, the composite index rose 7.56 points or 0.33 percent to 2,270.53.
Average daily volume fell to 2.738 billion shares while average daily value rose to 2.39 billion pesos (46.22 million dollars) compared to 7.45 billion shares worth 1.74 billion pesos the previous week.
Comments
Comments are closed.