051907: Stocks could hit new all-time high next week

May 18, 2007
Updated 16:23:29 (Mla time)

Agence France-Presse

MANILA, Philippines--Share prices could hit a new all-time high next week as the result of the generally peaceful mid-term elections, analysts said Friday.

"We expect the market to attempt to reach the all-time high given... the positive sentiment, positive earnings, and healthier economy after the generally peaceful election,"said Lawrence de Leon of Accord Capital Equities Inc.

The Philippines held its elections on Monday for half of its 24-seat Senate and 275 seats in the House of Representatives as well as for thousands of local positions.

Although the death toll from election-related violence has gone over a hundred, the voting itself was peaceful in most of the country.

"We are trying to test the 3,450 level if the election counting would push through smoothly. It would go up higher by next week and maybe set new all-time high," said Rommel Macapagal of Westlink Global Equities Inc.

For the week to May 18, the composite index rose 84.57 points or by 2.51 percent to 3,449.18.

Average daily turnover this week rose to 3.69 billion shares worth P6.33 billion (135.55 million dollars) from 3.52 billion shares worth P4.32 billion in the previous week.

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