Daily Market Notes July 16, 2009
July 16, 2009 by dragon
PSEi 2,553.96 UP 38.01
value php 3,712,227,155.00
still good!
DOW 256.72 +3.07% 8,616.21
NASDAQ 63.17 +3.51% 1,862.90
S&P 500 26.84 +2.96% 932.68
Sure enough, wall street built on the momentum from Tuesday's after hours earnings outlook when Intel predicted better revenue growth in the third and fourth quarters thanks to improved demand for personal computers.
So the headlines generally now read "Rally on renewed optimism". The bad news is that crude oil on the nymex rallies 4% to $62 along with the optimism. Their rally was like a gasp of air above water after almost drowning, peeking out of their chart patteren of a Right shoulder resistance levels for the djia: 8600, and for the snp 930.
Our local PSEi is doing an MACD buy signal, and is threatening the previous high resistance of 2626 for the index.
Net foreign buying participation improved slightly in the Lopez shares: EDC 97M, FPH 30M, FGEN (reduced foreign sell was an improvement enough), MER 47M.
There were also reduced foreign selling on ALI and the banking sector.
The top index gainer was MER's 9 peso gain to 175, which was worth 10 points on the index. Only GLO and PX were the index losers today.
Best overall gainers with volume were LC/B, lc/lcb followed through on their MACD buy signal yesterday, and today broke out from their recent high resistance levels of .23/.235. But the closing prices could have been better. Next resistance levels could probably be .28 for A and .29 for the B shares.
Other continuing impressive gains from AGI 3.85, BPC 2.65, SM 305, MBT 32.5, EDC 4.1
TOTAL FOREIGN BUYING : P 1,803,590,748.50
TOTAL FOREIGN SELLING : P 1,541,438,886.00
better!
====================
NO. OF ADVANCES: 76
NO. OF DECLINES: 25
NO. OF UNCHANGED: 65
NO. OF TRADED ISSUES: 166
NO. OF TRADES: 9,658
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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