Philippines shares' rally likely to continue

Philippines share prices likely to rise further following a technical rally that began this week, dealers said Friday. But caution due to signs of high inflation could mean this rally will not be sustained, they said.
"There will be a continuation of the rally. This is more of a technical rally," said Jose Vistan of AB Capital Securities. "The buying we are seeing is short-term position-taking and some bargain hunting," said Vistan. For the week to May 9, the composite index rose 2.1 percent or by 56.47 points to 2,779.42 points.
Average daily turnover rose to 1.502 billion shares worth 4.34 billion shares (101.9 million dollars) from 1.069 billion shares valued at 2.17 billion pesos in the previous week.