Philippines share prices are expected to trade sideways in the shortened trading week ahead as investors await fresh leads, dealers said on Friday. "The market will likely move sideways with thin volumes. Investors may move out of the blue chips and focus on the lower liners," said Jose Vistan of AB Capital Securities.
With the profit reporting season for the three months to June already complete, "this consolidation is likely to persist as investors await fresh developments and stronger signs of corporate growth," BPI Securities said in a client note.
For the week to August 18, the composite index fell 0.49 percent or 11.56 points to 2,329.90.
Average daily volume fell to 2.31 billion shares while average daily value rose to 1.48 billion pesos (28.92 million dollars) compared to 3.01 billion shares worth 1.06 billion pesos in the previous week.