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GLOBAL oil prices will likely determine the direction of the
Philippine stock market in the coming week, dealers said on Friday.
“There will be rallies but they will be small
ones. The trend will still be downward unless there will be some
miracle that will bring the market up,” said Sandra Araullo of
Regina Capital Development Corp.
“Everything is still dependent on oil and
sentiment,” she said, remarking that the increase in oil prices
“doesn’t look like it’s going to end soon.”
“It will sustain its rise, especially with new
missile testing in Iran,” she predicted.
Araullo added, “Historically, July and August
are the leanest months for the market,” which will further hurt
trading.
“Right now, there is no significant catalyst
that will send the Philippine market upwards compared with the rest
of the world. It shares the same concerns as other markets
globally,” said George Ching of Citiseconline.
For the week to July 11, the composite index
gained 2.9 percent or 68.78 points to 2,437.99 points.
Average daily turnover slipped to P1.911 billion
from P3.119 billion in the previous week.
-- AFP
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