Stocks may fall back next week: analysts

Agence France-Presse

Posted at Feb 06 2009 04:29 PM | Updated as of Feb 07 2009 12:57 AM

Philippine share prices could see a technical correction after enjoying a rebound in the past week, dealers said Friday.

"We're waiting for the US jobs data but since we have gone up in the past few days, a technical correction is due," said Lisha Alizer of DA Market Securities.

"We are still a long way from a sustained rally," said Ron Rodrigo of Daiwa Securities Inc.

"We really have to look at developments in the US, especially the stimulus package," he said.

"On our own end, we have to take a closer look at our exports and the companies that may close down and the longer effect on our economy" of the financial crisis, he added.

For the week to February 6, the composite index rose 117.39 points, or 6.4 percent, to 1,924.48.

Average daily turnover rose to 750.6 million shares worth P1.39 billion ($29.5 million) from 617 million shares worth P911.4 million in the previous trading week.