Philippines shares will still be reeling

The Philippines stock market will still be reeling from the effects of the global financial crisis next week, unless some major development occurs over the weekend, dealers said on Friday. "There is very little confidence in the market. The dominant emotion right now is fear," said Jose Vistan of AB Capital Securities Inc.
"The momentum is pointing to more downside movement. We need a catalyst, we need a 'wow' factor that would start people buying," he said. "The concerns at this point will still be the concerns of next week, unless new developments happen that sooth the concerns of investors," said George Ching of Citiseconline.
For the week to October 10, the composite index fell 18.2 percent or by 468.41 points to 2,097.80 points.
Average daily volume for the week fell to 1.682 billion shares worth 2.413 billion pesos (50.5 million dollars) from 1.788 billion shares worth 2.656 billion pesos in the previous week.