The Philippines stock market will likely follow the lead of the US economy in the coming week with further bad news on the horizon, dealers said on Friday. "It will go a little sideways. But aside from the earnings reports of some companies, there is no good news. The general sentiment is still negative," said Jeng Calma of A and A Securities Inc.
"It all depends on how the US market reacts to the release of key economic indicators," said Claire Quiray of Accord Capital Equities Inc.
"There is a lot of negative news around the world, especially in the US and its even uglier than what we initially expected," she said. Allan Araullo of Regina Capital Development Corp. said the index would trade in the narrow range of 1,880 to 1,940 unless the US market rapidly rises.
"There is still the US influence hanging over us. They dont know how deep the recession in the US is going to be so we dont know how it is going to affect us," he said. For the week to March 6, the composite index rose 2.56 percent or 47.94 points to 1,920.16 points.
Average daily turnover rose to 854.6 million shares but value slipped to 1.935 billion pesos (39.89 million dollars) from 807.8 million shares worth 1.873 billion pesos in the previous trading week.
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