RP shares seen rising next week: analysts
Agence France-Presse | 11/06/2009 10:13 PM
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MANILA - Philippine shares are likely to rise next week due to positive earnings reports by listed companies for the three months to September, dealers said Friday.
The composite index rose 22.97 points or 0.79% over the week to close at 2,931.47 on Friday.
Average daily turnover was 2.55 billion shares worth P5.114 billion ($107.8 million).
"The market will go to the positive side next week based on a more solid footing -- based on the earnings of companies," said Jun Calaycay of Accord Capital Equities Inc.
While the market rose this week, this was largely due to speculation surrounding the sale of a large block of shares in main power distributor Manila Electric Co. (Meralco), he said.
"You take that away and you basically have a flat market," this week, he told AFP.
"I don't think (next week's performance) will be as strong as what we had this week but it will have a more solid footing because this will be based on fundamentals rather than speculation on certain stocks," he said.
Local companies began releasing their third quarter earnings figures this week and more figures are forthcoming later this month.
However Nisha Alicer of DA Market Securities said that local trading would likely still follow the lead of Wall Street next week.
"We are umbilically tied with the Dow (Jones index). What the Dow does, we follow," she said.
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