RP shares expected to continue downturn

ABS-CBN News

Posted at Jun 27 2008 05:23 PM | Updated as of Jun 28 2008 01:23 AM

Agence France-Presse

Philippine share prices will likely continue their downturn in the week ahead amid high oil prices and renewed fears over other commodity prices and US inflation, dealers said.

The fall of the Philippine index through the 2,500-point support level on Friday may be the start of a sharp slide, warned Jose Vistan of AB Capital Securities Inc.

"We broke several important support levels and we don't see much support for now. From a technical standpoint, we don't know where the next support levels would be," he said.

For the week to June 27, the composite index fell by 112.28 points or 4.35 percent to 2,466.29.

Average daily turnover rose to 3.078 billion pesos (68.8 million dollars) from 2.378 billion in the previous week.