The movements of foreign stock markets, particularly in the United States, will determine how the Philippine market will perform in coming days, dealers said on Friday.
"The US and Asia are the ones that will dictate the direction of our market," said Jose Vistan of AB Capital Securities. "We are at the mercy of the major bourses abroad."
He added: "If the numbers are bad, then we are going to be in for a bad week next week."
For the week to March 7, the composite index fell 3.2 percent or by 101.26 points to 3,028.73 points. Average daily turnover fell to 988 million shares worth 2.6 billion pesos (63.75 million dollars) from 1.47 billion shares worth 2.9 billion pesos in the previous week.