The Philippines stock market will likely follow the lead of foreign markets in the coming week as there is no local news big enough to affect trading, dealers said on Friday. "Foreign (developed) markets have become like emerging markets, they are very volatile. They are the ones influencing us," said James Lago of PCCI Securities.
"There is nothing really sensational to expect (locally.) Everything has already come out," following the release of most companies' third-quarter corporate results earlier this month, he said.
Claire Quiray of Accord Capital Equities however, said that, "if the index ever shows a bit of resiliency next week, we will expect the market to move sideways." But if the market remains weak, it could drop as low as 1,680, its lowest level in a month, she said. For the week to November 21, the Philippine composite index fell 10.7 percent or by 212.15 points to 1,765.90 points. Average daily turnover for the week fell to 638.27 million shares worth 1.22 billion pesos (24.4 million dollars) from 7.73 billion shares worth 1.447 billion pesos in the previous week.
Comments
Comments are closed.