The Philippines stock market is likely to remain volatile next week taking its lead from Wall Street, dealers said. The market plunged to a four-year low this week before recovering lost ground in bargain hunting. Investors, however, remain jittery due to the global credit crunch.
"It's still too early to say whether the market really has legs to pursue further gains," Accord Capital Equities analyst Lawrence De Leon told Dow Jones Newswires.
"Key economic data are being awaited in the US, and we would most likely take our cue from there," he said. PCCI Securities Corp said that from a technical standpoint, indicators remain at oversold levels, but are turning bullish.
Traders said they expect the market to meet resistance at 1,920 and support at 1,700. For the week to October 31, the Philippine composite index shed 0.1 percent or 2.4 points to close at 1,951.09.