RP stocks to consolidate next week: dealers
Agence France-Presse | 11/20/2009 8:40 PM
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MANILA - Philippine shares will likely consolidate next week as the market takes a breather after breaching an important psychological barrier, dealers said here Friday.
The composite index gained 34.41 points or 1.13% over the week to close at 3,068.73.
Average daily volume for the week amounted to 2.45 billion shares while average value stood at P3.71 billion ($78.43 million).
"I see more consolidation with a downward bias. It will be more of digesting things after we broke the psychological level of 3,000 points," said Erwin Balita of SB Equities Inc.
"We have been up by about 150 points since end-October," he said, adding that investors were evaluating where the market was going after the rapid rise.
The release early this week of third quarter corporate earnings were "slowly being discounted", according to Balita.
He said this would result in the index moving within a tight range of about 3,000-3,070 points.
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