Philippines share prices are likely to correct again amid continued concern over oil prices and the direction of the US economy, a dealer said Friday. "There is a 60 percent probability the market will correct further," said Ron Rodrigo of Daiwa Securities Inc.
He cited "the global economic scenario... the continued rise of oil prices, given that there is still tension in the Middle East, the continued credit crisis in the US market - that will cause the market to remain jittery." However he said there was a chance for an upturn, at least for some key stocks.
"For next week, there are a lot of properties that are due to announce their first half or second quarter figures so it will really depend a lot on corporate results. If the listed companies continue to sustain growth, it will be good for the market," said Rodrigo.
For the week to July 18, the composite index fell 1.99 percent or 48.47 points to 2,389.52 points. Average daily turnover fell to 1.832 billion pesos (41.2 million dollars) from 1.911 billion pesos the previous week.
Comments
Comments are closed.