Philippines share prices may continue rising next week although at a more moderate pace - depending on the mood on Wall Street, dealers said Friday. "The advance in the past three days has been a real confidence booster," said Rommel Macapagal of Westlink Globl Equities Inc.
But he said "the recovery was based on the big swing in the US (stock market). We're still dependent on what happens in the United States."
"We hope that later on, Wall Street will still be firm so we could continue to recover but if it remains weak, we could see bouts of profit-taking since we have gone up so much in the past few days," he said.
While the market fell 5.5 percent on Tuesday in its biggest single-day loss in five months, due to fears of a US recession, it recovered from Wednesday to Friday, along with the US stock market.
For the week to January 25, the Philippine composite index rose 69.11 points or by 2.2 percent over the week to close at 3,237.41 points.
Average daily turnover rose to 2.26 billion shares worth 4.38 billion pesos (106.9 million dollars) from 2.24 billion shares worth 3.64 billion pesos in the previous week.