Global oil prices will likely determine the direction of the Philippine stock market in the coming week, dealers said Friday. "There will be rallies but they will be small ones. The trend will still be downward unless there will be some miracle that will bring the market up," said Sandra Araullo of Regina Capital Development Corp.
"Everything is still dependent on oil and sentiment," she said, remarking that the increase in oil prices "doesn't look like it's going to end soon." For the week to July 11, the composite index gained 2.9 percent or 68.78 points to 2,437.99 points. Average daily turnover slipped to 1.911 billion pesos (41.8 million dollars) from 3.119 billion pesos in the previous week.