Philippines share prices are likely to consolidate as the rest of the country goes on extended holidays, dealers said. Financial markets will be closed on Monday for nation-wide district-level elections, while the country will also shut down on Thursday and Friday as Filipinos make the annual visit to cemeteries to remember their dead.
"The market is likely to remain in a consolidation mode when trading resumes on Tuesday," said Rommel Macapagal of Westlink Global Equities. He expects investors to remain cautious ahead of the US central bank's interest rate decision on October 31, the last trading day here for next week. For the week to October 26, the composite index fell 34.87 points or 0.91 percent to 3,784.88 points.
Average daily turnover fell to 3.42 billion shares worth 4.5 billion pesos (102.18 million dollars) from 3.94 billion shares worth 5.04 billion pesos the previous week.
"Investors are still gauging the nation's sentiment following the presidential pardon for (deposed president Joseph) Estrada," said Astro del Castillo of First Grade Holdings. The still hugely popular Estrada was set to be released Friday, six weeks after he was found guilty by an anti-graft court of plundering millions of dollars in tax kickbacks and bribes when he was still president.