Technical rebound seen for RP shares next week
Agence France-Presse | 07/03/2009 4:15 PM
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MANILA - Philippine shares will likely see a slight rebound next week after falling for most of this week but the recovery will not be sustained, dealers said on Friday.
The composite index fell 1.86 percent from the previous week to close at 2,431.34.
"It might go up a little next week. It has been down for too long," said Lisa Gan of Solar Securities Inc.
"But it will be just a small technical rebound. There are only short term players in the market," she added.
However Gomer Tan of Regina Capital Development Corp. said that the performance of the local stocks "depends on the US market."
The composite index "could reach the 2,300-point level slowly" over the coming days in the face of disappointing economic news from the United States, he said.
Average daily turnover fell to 911.4 million shares worth P1.97 billion ($40.8 million) this week from 1.32 billion shares worth P2.43 billion the previous week.
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