Philippines shares to move sideways

Philippines share prices are expected to move sideways with an upward bias next week as the results of the mid-term elections come in, analysts said Friday.
"It depends on the outcome on Monday," said Harry Liu of Summit Securities, adding that the market would remain positive unless something negative happens in Monday's election. The Philippines will hold elections on May 14 for half of its 24-seat Senate and 275 seats in the House of Representatives as well as for hundreds of local positions.
He added that "the market is looking backk," at previous post-election disputes but added that "the electoral system should be more efficient now than before."
For the week to May 11, the composite index fell 86.13 points or by 2.63 percent to 3,364.61.
Average daily turnover this week fell to 3.52 billion shares worth 4.32 billion pesos (91.27 million dollars) from 4.17 billion shares and 3.77 billion pesos in the previous week.