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Friday, May 07, 2004
Elections to decide direction of Philippine shares next week (3:15 p.m.)
MANILA -- The direction of the Philippine stock market next week will be determined by the conduct of the May 10 elections amid warnings of attempts to disrupt the vote, analysts said.
"Investors' mood next week will largely depend on the conduct of the elections, the counting of votes, and other election-related developments," said Rommel Macapagal of Westlink Global Equities.
National Security Adviser Norberto Gonzales warned Thursday that opposition figures might try to disrupt the elections in order to discredit the results to set the stage for a possible power grab.
Opposition spokesmen have denied this and accused the government of scare tactics.
In recent weeks, the business community has been cheered by signs that incumbent, President Arroyo, an economist, has gained a slight lead over her chief rival, movie star Fernando Poe Jr. who is widely seen by businessmen as being unqualified.
The Philippine Stock Exchange composite index fell slightly by 0.32 points over the week to close at 1,554.69 points on Friday.
Average daily turnover rose to 254.84 million shares while value slid to P623.64 million this week from 253 million shares worth P661.56 million last week. AFP |
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