Monday, September 10, 2007

Philippine shares depend on politics and Joseph Estrada

Philippine share prices will trade on political developments next week, hingeing on a verdict in the trial of deposed president Joseph Estrada, dealers said Friday.

A special anti-graft court will announce on September 12, its verdict in the trial of Estrada who is charged with illegally amassing an 80 million dollar fortune through kickbacks and bribes during his 30 months in power.

"What the market doesn't want is a prolonged political uncertainty," said Jose Vistan of AB Capital Securities.

Estrada, once one of the country's top movie stars, was deposed by a popular uprising in 2001 following the corruption scandal.

Despite his overthrow, he remains popular, especially among the poor and is still the de facto leader of the opposition to President Gloria Arroyo.

Authorities fear his followers will riot and stage street protests if Estrada is found guilty.

Complete Story at Votester

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