Philippines shares likely to be weighed down

Philippines share prices will be weighed down next week by the pessimistic mood abroad, particularly on Wall Street, dealers said Friday. Although bargain hunting had lifted the market on Friday, it had largely been on a downturn for most of the week, reflecting the developments overseas, they said.
"It's still going to be driven by how New York will perform. Local developments will still count but despite very good earnings of the companies, our bourse is still dictated by the US trends," said Jasper Jimenez of BDO Securities Corp.
"It will still be a bearish mood, nothing has changed. As long as foreigners are exiting the market, there is nowhere to go but down. It is all foreign selling," warned James Lago of Westlink Global Equities. For the week to November 23, the composite index fell 104.52 points or 2.9 percent to 3,494.44 points.
Average daily turnover fell to 2.24 billion shares worth 4.14 billion pesos (97.08 million dollars) from 4.16 billion shares worth 4.98 billion pesos in the previous week.