Daily Market Notes July 2, 2009
July 2, 2009 by dragon
PSEi 2,438.04 UP 5.15
value php 1,954,009,525.00
DOW 57.06 +0.67% 8,504.06
NASDAQ 10.68 +0.58% 1,845.72
S&P 500 4.01 +0.44% 923.33
Investors moved back into stocks Wednesday after manufacturing and housing reports showed the pace of the contraction in those sectors is easing. But the over 120 point rally on the dow was pared down again by half.
So what is happening so far aside from the evident Sell on rally theme worldwide? It also seems that upon hitting 2 week low supports, sellers take a break and stop their selling, but heavy buying do not want to put their money in at those levels either.
I echo the sentiments in cnbc article "We're seeing a classic bull-bear battle here," said Tom Schrader, managing director for U.S. equity trading at Stifel Nicolaus Capital Markets, adding that traders were watching to see if major indexes break above their 200-day moving averages, which could trigger more buying.
In local equities, the same thing happened. Opening gains were halved by the close. TEL's 4 point psei gain was all that was left holding up the psei's overall 5 point gain.
PX joins overall gainers in a last minute force close to 7.2, but volume at 7 and 7.10 were pretty decent.
Intraday horse racing stocks PAX IP closed at their lows after whipping some dogs to race but returned to their barracks after not reaching the finish line. The finish line was back to barracks. Last one out of the race track gets shot.
In other news, Liberty Telecoms (LIB) gets unsuspended July 8 after 4 years. What about VMC Victorias? It's been 12 years for this one.
TOTAL FOREIGN BUYING : P 884,563,554.74
TOTAL FOREIGN SELLING : P 899,396,793.14
NO. OF ADVANCES: 44
NO. OF DECLINES: 36
NO. OF UNCHANGED: 68
NO. OF TRADED ISSUES: 148
NO. OF TRADES: 5,851
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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