Philippines share prices are expected to trade sideways next week after sharp swings in the previous week, dealers said Friday. "I think the market will probably move sideways. It will not likely go down substantially as we have already discounted geopolitical and interest rate concerns," said Jose Vistan of AB Capital Securities.
He expects the main index to trade between 2,150 points and 2,250.
Despite this week's rise, the main index is still about 12 percent lower than this year's high of 2,589.17 points, recorded on May 8, which was also the index's highest level in nearly seven years.
For the week to July 7, the composite index rose 79.24 points or 3.64 percent to 2,258.03 points.
Average daily volume rose to 1.595 billion shares but average daily value fell to 1.234 billion pesos (23.48 million dollars) compared to 800 million shares worth 1.445 billion pesos in the previous week.
Comments
Comments are closed.