Philippines share prices are likely to correct next week as profit-taking takes hold after the stock market hit record highs this week, dealers said Friday.
"We are looking at consolidation and profit taking next week. As far as we are concerned, the market needs a real correction. It's kind of over-stretched," said James Lago of Westlink Global Equities.
"Any bad news will trigger a sharp correction but if there is none, the correction will be a normal and healthy one." He said "the only economic concern is the budget deficit because it is coming in at more than expected," since revenue collections have not been hitting their targets. For the week to July 6, the composite index rose 2.55 percent or by 93.61 points to 3,758.84.
Average daily turnover fell to 3.18 billion shares worth 4.84 billion pesos (104.7 million dollars) from 5.04 billion shares worth 5.53 billion pesos the previous week.
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