Philippines shares likely to see little change

Philippines share prices are expected to see little change next week amid signs that stocks have reached overbought levels, dealers said Friday.
They said investors have been more confident of late against a backdrop of easing inflation pressure, a stronger peso and an improving government fiscal position, and accordingly have pushed up prices.
At this point, a pause is likely. For the week ending September 8, the composite index rose 48.6 points or 2.08 percent to 2,378.04. Average daily volume rose to 5.82 billion shares worth 2.204 billion pesos (43.6 million dollars) from 2.98 billion shares worth 1.813 billion pesos the previous week.
"We see the market hovering at current levels given most indicators are signalling overbought levels," said Ron Rodrigo of Unicapital Securities Inc.
"The market is just taking a breather given the positive economic outlook," he added.
Rommel Macapagal of Westlink Global Equities, however, noted that the markets might be "cautious" on Monday, the fifth anniversary of the September 11 terror attacks in the United States.