Philippines shares expected to rebound

Philippines share prices are expected to stage a technical rebound in the coming week after the sharp downturn of recent days, dealers said Friday.
The heavy losses over the past week should mean the market can now stabilise at the lower levels while investors wait for more US economic data to give a clearer lead on the outlook for US interest rates, they said. For the week to May 19, the composite index fell 162.48 points or 6.45 percent to 2,356.02.
Average daily volume rose to 4.5 billion shares while average daily value slipped to 2.2 billion pesos (41.8 million dollars) from 4.18 billion shares worth 3.06 billion pesos last week. "It is due for a technical bounce because the market has been quite down this week," said Ed Bancod of ATR-Kim Eng Securities.
"Next week, we expect the market to probably start rebounding considering the declines we experienced in the last three days," said Oliver Plana of Asiasec Equities.
"It's more for technical reasons. We've gone steeply lower this week mainly due to the declines in regional markets. When selling pressure abates regionally, the market should do better," Plana added.