The Philippines stock market is likely to undergo consolidation in the coming week with trading to be dominated by events overseas amid the US financial turmoil, dealers said on Friday. "Next week, we might consolidate to digest all that has happened in the past weeks," said Raul Putong of Accord Capital Equities Inc.
"Investor confidence will not go back immediately, but I think, we have seen the bottom," he said, following US government announcements that it was putting together a rescue plan to clear away the mountains of bad debt that have weighed down banks and set off the worst financial crisis in decades. However, any upturn will likely take place late this month, he added.
Spencer Yap of BPI Securities said that "if the markets abroad are going heavily in one way, it is hard for Philippine markets not to follow." For the week to September 19, the composite index fell by 6.9 percent or by 183.33 points to 2,462.79 points.
Average daily volume for the week rose to 3.41 billion shares worth 2.46 billion pesos (52.77 million dollars) from 1.43 billion shares worth 2.933 billion pesos the previous week.
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