Philippines share prices are expected to correct next week after testing fresh five-year highs despite economic and security concerns, dealers said. They said a series of bomb attacks, including one in the Makati business district in Manila, heavy fighting with Moslem rebels in the southern island of Jolo and a sharp two-notch sovereign ratings downgrade by Moodys Investors Servie had all failed to dent optimism on this year's growth prospects.

The bomb attacks and then Moody's action, which had been expected at one notch, did knock the market initially but investors bounced back quickly.

For the week ending February 18, the Philippine Stock Exchange composite index rose 24.45 points or 1.19 percent to 2,085.93.

Average daily turnover was 6.572 billion shares worth 2.158 billion pesos (39.24 million dollars) after 2.55 billion shares worth 1.85 billion pesos the previous week.

DA Market Securities president Nestor Aguila said the market may see a further correction on Monday.

Other dealers see support for the composite index at 2,000 points and resistance at 2,200.

"Seemingly, investors choose to view with optimism the government's ability to deliver on promised fiscal reform measures," ATR-Kim Eng Securities said in a note, referring to the Moody's downgrade.

Copyright Agence France-Presse, 2005