Local shares to chalk up more gains

MANILA (AFP) - Philippine share prices are expected to advance further next week, most likely into record territory, as investors bet on a positive set of corporate quarterly results, dealers said Friday.

"We expect the market to test levels above 3,800 points," said Lawrence de Leon of Accord Capital Equities.

"Investors are betting on better results, quarterly and first half corporate results and first semester macro-economic numbers," said de Leon.

"Once we go past 3,800, we might start to see some profit-taking but in the medium-term, we expect the market to test record levels," he said.

"Overall, the trend on the immediate term is still upwards but there will still be gyrations along the way," said Ed Bancod of ATR Kim Eng Securities.

"There is still a lot of liquidity, a lot of cash in the system. Interest rates are low," he said, crediting the government's measures to control the budget deficit.

For the week to July 13, the composite index rose 27.18 points or 0.7 percent to 3,786.02. The market hit a record close of 3,802.32 points on July 5.

Average daily turnover rose to 6.08 billion shares worth 9.43 billion pesos (206 million dollars) from 3.18 billion shares worth 4.84 billion pesos in the previous week.