Global oil prices will likely determine the direction of the Philippine stock market in the coming week, dealers said Friday.
"There will be rallies but they will be small ones. The trend will still be downward unless there will be some miracle that will bring the market up," said Sandra Araullo of Regina Capital Development Corp.
"Everything is still dependent on oil and sentiment," she said, remarking that the increase in oil prices "doesn't look like it's going to end soon."
"It will sustain its rise, especially with new missile testing in Iran," she predicted.
Araullo added that "historically, July and August are the leanest months for the market," which will further hurt trading.
"Right now, there is no significant catalyst that will send the Philippine market upwards compared with the rest of the world. It shares the same concerns as other markets globally," said George Ching of Citiseconline.
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