INQ7 MONEY - BREAKING NEWS
October 20, 2006
Updated 16:52:15 (Mla time)
Agence France-Presse
THE stock market is expected to continue its climb in the coming week as investors take positions ahead of the release of third-quarter corporate figures, dealers said Friday.
They said optimism over the economy and expected corporate releases have pushed the stock market up this week, to its highest closing level in seven years.
For the week to October 20, the market rose 60.16 points or by 2.3 percent to close at 2,617.41 points.
Average daily turnover fell to 1.538 billion shares worth P2.42 billion ($48.4 million) from 1.64 billion shares worth P2.67 billion in the previous week.
"We've been getting good economic numbers and expectations are third quarter corporate results will be good as well," said Oliver Plana of Asiasec Equities Inc.
"Based on the flows, there still seems to be a lot of interest in the local equities so I wouldn't be surprised if we continue to track higher in the coming week," he remarked.
Continued squabbling between President Gloria Arroyo and the opposition which is trying to unseat her, is not expected to have much effect, he added.
"We've shrugged those off. We've been ignoring those factors."
http://services.inq7.net/express/06/10/20/html_output/xmlhtml/20061020-27810-xml.html
No comments:
Post a Comment