Philippines shares will undergo more consolidation as the market looks for direction after breaking the 2,400-point support level, dealers said on Friday. After steadily rising for most of the month, the Philippine Stock Exchange composite finally corrected this week, falling 7.7 percent or 200.5 points from the previous week to 2,398.30.
"There will be some consolidation and then we will see which way the market is heading," said Gomer Tan of Regina Capital Development Corp. "It depends on what will happen on Monday, Tuesday and Wednesday," he said.
From the shares' performance on those days, "we will see a pattern," on whether the market will rebound or continue falling to the new support level of 2,300 points, Tan said. Average daily volume fell to 1.65 billion shares from 2.93 billion shares last week but average value rose to 3.45 billion pesos (71.13 million dollars) from 2.93 billion pesos.
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