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LOCAL share prices will likely be determined by developments in the
US economy in the coming days, dealers said last Friday.
“We’re keeping track of what happens in the
US market,” said Rommel Macapagal of Westlink Global Equities.
If results are favorable, the Philippine
composite index could “hurdle the 3,000-point level,” he said.
“The market depends a lot on jobs data coming
out of the US,” said Prince Yeung of AB Capital Securities.
If the job decline is less than expected, the
index “will rally above the 3,000 level,” he said.
However BPI Securities, in an advisory to
clients said, “the pressure on share prices may persist as we head
into a longer holiday weekend.”
“Investors may opt to stay somewhat liquid
given the still uncertain and volatile US equity market,” it
added.
There will be no trading on Monday, which is a
national holiday.
For the week to April 4, the composite index
rose 27.02 points or by 0.9 percent to 2,983.04 points.
Average daily turnover fell to 1.41 billion
shares but average daily value rose to P3.2 billion from 2.19
billion shares and P2.015 billion in the previous week.
-- AFP
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