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Australian share prices could be set for another week of falls as the market continues to pull back from recent gains, dealers said. The benchmark S&P/ASX 200 shed 4.02 percent this week, dropping for four consecutive days before steadying on Friday with a modest rise.
AMP Capital Investors' Shane Oliver said the correction may continue, although the long-term outlook was positive as countries start to climb out of recession.
"Given that we are still in a very severe gglobal recession, a period of correction in shares is to be expected particularly after the strong rebound from early March," he said. "Our view remains that the broad trend for shares is likely to remain up as shares are still very attractive compared to low-yielding cash and bonds." He said further improvement in economic data is likely as the country heads for a recovery from later this year.
Oliver added that attention next week would focus on the United States' bond purchases and housing data, with no major figures expected from Australia.
IG Markets analyst Ben Potter said investors must decide whether to buy now or risk missing out on lower prices. "Money managers now face a tough decision - do they wait for further declines or start buying weakness now?" he said. "There's so much money on the sidelines that, as soon as everyone pounces, the opportunity will be lost. They'll end up chasing prices. They need to move early and quietly."

Copyright Agence France-Presse, 2009

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