Philippines shares may remain listless

Philippines shares will remain listless as the market searches for strong leads due to the absence of any major developments, dealers said on Friday. The composite index fell 2.83 percent or 81.5 ppoints over the week to close on Friday at 2,789.33. Average daily turnover for the week was 4.038 billion shares worth 3.058 billion pesos (63.98 million dollars).
"We will probably be seeing more of the same lethargy in the market," said Jun Calaycay of Accord Capital Equities. "The market will still be searching for a better angle amid lack of any strong leads that will move the market up or down," he told AFP.
"A lot of it will depend on how Wall Street moves," he said. "The market will again be affected by major bourses abroad," agreed Jose Vistan AB Capital Securities Inc. "This is the case of the local market lagging without strong leads. Without leads, we tend to favour the major bourses," he added.