Philippines share prices are expected to bounce back after bucking a strong regional and Wall Street lead to finish this week with a loss, dealers said on Friday. For the week to July 20, the composite index fell 47.14 points or 1.26 percent to 3,738.28 points.
Average daily turnover slipped to 4.48 billion shares worth 4.98 billion pesos (110.9 million dollars) from 6.08 billion shares worth 9.43 billion pesos in the previous week.
"If we stay at this level of about 3,700 points, we could see a continuation of (Friday's) rally next week," said Rommel Macapagal of Westlink Global Equities Inc.
"If we stay above 3,720, we could test 3,750-3,780 if momentum carries us through," he said. "It depends on how the US market performs," he said, noting the market rose on Friday due to the record closing high of the Dow Jones Industrials on Thursday.
President Gloria Arroyo's annual state of the nation address on Monday could have an effect as well, Macapagal said, saying that "if investors like what they hear, we could challenge the 3,800 level."
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