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Saturday, February 25, 2006
Dealers foresee recovery of shares if gov’t proves coup try is bloated
MANILA - Share prices are expected to recover next week if President Arroyo’s government shows that fears of another coup attempt are overblown, analysts said yesterday.
The stock market slumped yesterday after Arroyo declared a “state of emergency” due to reports of a new coup plot being hatched against her.
Brigadier General Danilo Lim, who led the elite Scout Rangers, was relieved and detained over the alleged plot and other suspects are being hunted, officials said.
“Normally the decline should have been much more, but the market seems to be holding. The main difference between then and now is the fact that market fundamentals today are way, way better than before,” said Jose Vistan of AB Capital Securities.
Depend
However, much will depend on what happens over the weekend.
“Come Monday, if nothing happens over the weekend, the market should be okay. It should be normal,” said Vistan.
“Investors will continue to look for direction from the United States market as they monitor the developments on US interest rates,” BPI Securities said in an advisory to investors.
For the week ending Feb. 24, the composite index fell 1.53 percent or by 32.23 points to 2,069.93.
Average daily turnover slipped to 844.2 million shares worth P1.214 billion ($23.4 million) from 1.287 billion shares worth P2.95 billion in the previous week.
Time magazine in a press release said one of its correspondents witnessed a dinner last Thursday night involving “more than a dozen middle-level officials and businessmen” planning what one of the ringleaders called a “withdrawal of support” for President Arroyo.
Lim had addressed the meeting by speaker phone and said “all systems go” for the planned movement against Arroyo, the Time report says.(AFP)
For Bisaya stories from Cebu. Click here. (February 25, 2006 issue)
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