October 27, 2006
Updated 17:21:43 (Mla time)
SHARE prices will likely continue rising next week after the key index broke the 2,700-point barrier, dealers said Friday.
They said the market soared to hit its highest closing levels in over nine years as it was lifted by positive economic data and the impending release of third-quarter corporate figures.
For the week to October 27, the composite index rose by 145.12 points or by 5.6 percent to close at 2,702.37 points.
It was the index's best finish since July 14, 1997 when it settled at 2,710.73.
Average daily turnover rose to 2.03 billion shares worth 3.922 billion pesos (78.5 million dollars) compared to 1.64 billion shares worth 2.67 billion pesos in the previous week.
"Although we will have an abbreviated trading week, we expect the market to move higher now that it has broken through the psychological 2,700-point level," said Lawrence de Leon of Accord Capital Equities Inc.
Markets will be closed on November 1 when this country marks All-Saint's Day.
"Given the favourable economic scenario we are having at the moment, the stronger peso, lower oil prices, steady interest rates and favorable (corporate) earnings, we expect the market to move higher. We expect the buying to continue," de Leon said.
http://services.inq7.net/express/06/10/28/html_output/xmlhtml/20061027-29128-xml.html
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