Philippines shares likely to move higher

Philippines shares likely to rise as investors make a play for undervalued stocks, dealers said. The market showed unexpected strength over the week due to the release of lower inflation figures and signs that interest rates would be lowered soon.
"We are attempting to consolidate at a higher base. If that base is firm or solid, we will see another attempt at 2,400 points," said Nisha Alicer, an analyst with DA Market Securities. "There are truckloads of undervalued stocks out there," the dealer added. For the week to May 8, the composite index gained 138.35 points or 6.5 percent to 2,241.98 points. Average daily volume rose to 2.43 billion shares worth 3.229 billion pesos (68.3 million dollars) from 1.890 billion shares worth 1.89 billion pesos the previous week.