Philippines shares looking to US Fed for positive signs

Philippines share prices will look for directions from the US Federal Reserve's policy meeting, particularly if the central bank cuts interest rates, dealers said on Friday.
"Given the recent surge in crude oil prices and signs of a slowing US economy, the US central bank is likely to step in and heed calls for a bigger rate cut," said Jose Vistan of AB Capital Securities. "The market is likely to rally, but its extent would depend on how much the Fed will trim rates," he said.
"There will be a muted response to only a 25 basis points cut, but a 50 basis point cut could spark a stronger rally," said Vistan.
For the week to September 14, the composite index fell 38.42 points or by 1.2 percent to 3,294.55 points.
Average daily volume for the week fell to 3.28 billion shares while average daily value rose to 4.38 billion pesos (94.5 million dollars) this week from 3.46 billion shares worth 3.6 billion pesos last week.