Philippines share prices are expected to mark time next week as investors await fresh economic data from the United States which is courting a recession, dealers said. "Investors will be on a wait and see mode as they await more economic data from the US,"said Jose Vistan of AB Capital Securities.
"Investors are keeping an eye on economic indicators to see if recession has set in, and if there is a recession - how deep it is," he said.
Recent US data showed an unexpected contraction in the service sector, raising fears that the world's largest economy is already in recession. The Institute for Supply Management's index of service sector activity, which accounts for about two-thirds of the US economy, dropped below 50 in January, a level that indicates contraction. The market had expected another month of growth.
For the week to February 8, the composite index lost 1.6 percent or 52.95 points to 3,241.13. Average daily turnover fell to 1.1 billion shares worth 2.1 billion pesos (51.6 million dollars) from 1.88 billion shares worth 4.38 billion pesos the previous week.