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LOCAL share prices are expected to mark time this week as investors
await fresh economic data from the United States, which is courting
a recession, dealers said.
“Investors will be on a wait and see mode as
they await more economic data from the US,” said Jose Vistan of AB
Capital Securities.
“Investors are keeping an eye on economic
indicators to see if recession has set in, and if there is a
recession—how deep it is,” he said.
Recent US data showed an unexpected contraction
in the service sector, raising fears that the world’s largest
economy is already in recession.
The Institute for Supply Management’s index of
service sector activity, which accounts for about two-thirds of the
US economy, dropped below 50 in January, a level that indicates
contraction. The market had expected another month of growth.
For the week to February 8, the composite index
lost 1.6 percent, or 52.95 points to 3,241.13.
Average daily turnover fell to 1.1 billion
shares worth P2.1 billion from 1.88 billion shares worth P4.38
billion the previous week.
-- AFP
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