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THE stock market is likely to undergo consolidation this week with
trading to be dominated by events overseas amid the US financial
turmoil, dealers said on Friday.
“Next week, we might consolidate to digest all
that has happened in the past weeks,” said Raul Putong of Accord
Capital Equities Inc.
“Investor confidence will not go back
immediately but I think we have seen the bottom,” he said,
following US government announcements that it was putting together a
rescue plan to clear away the mountains of bad debt that have
weighed down banks and set off the worst financial crisis in
decades.
However any upturn will likely take place late
this month, he added.
Spencer Yap of BPI Securities said, “If the
markets abroad are going heavily in one way, it is hard for
Philippine markets not to follow.”
For the week to September 19, the composite
index fell by 6.9 percent or by 183.33 points to 2,462.79 points.
Average daily volume for the week rose to
3.41-billion shares worth P2.46 billion from 1.43-billion shares
worth P2.933 billion the previous week.
-- AFP
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