Daily Market Notes July 9, 2009
July 9, 2009 by dragon
PSEi 2,473.85 UP 11.86
value php 2,196,280,885.00
DOW 14.81 +0.18% 8,178.41
NASDAQ 1.00 +0.06% 1,747.17
S&P 500 1.47 -0.17% 879.56
IMF forecasts real GDP growth at -2.6% in 2009, and at +0.8% in 2010. The forecast that recovery might take place in 2010 and not the second half of 2009 held wall street flat.
After the close, earning seasons start with Dow component Alcoa reporting a quarterly loss of 26 cents per share. But the decline was narrower than the loss of 38 cents per share analysts expected, according to Thomson Reuters. Alcoa shares gained 5% in after-hours trading. The cheer must have been, "yahoo, we lost less than expected!"
Locally, it's still a MER dominated scene as Meralco expects its net income jumping from P3.14 billion a year ago to between P13 billion and P15 billion at the end of the year. Reportedly, the increase will come from the three-year windfall of a deferred rate increase under Meralco’s Performance Based Regulation (PBR), which regulators approved in April.This sent MER higher again by 7 pesos to 176, a gain worth 8 psei points. Foreigners continued to dump 88m pesos worth of mer today.
Next best index gainer was ALI's .2 gain to 8.40 worth 3 psei points. Other big NFS on this continued low volume day were: GLO 102M, TEL 201M, AC 41M.
DMC and SCC gained well on the news that they bagged the Calaca contract
by bidding the highest.
Perhaps inspired by LIB's thousand plus percent performance, the gates of third liner ceiling heaven seems to have opened: PRIM .81, ORE .64, FJP 1.48, plus others AJO .055, SUN .46, CYBR .38, T 3.2 SINO .2 APC .36., brn 3.3
Just heard on the street the reasons on why some of these moved: ORE:
favorable supreme court decision to be out soon? . . . CYBR: again favorable SC ruling on refund related to PEA AMARI contract? . Also, not many noticed that it was already day 2 of BEL SINO APC's rise.
ISM fell down to .018 at the open as the 30Billion rights shares are now tradeable at the open market. This might no longer be a factor because a)nobody cares too much about ISM anymore b)those that availed of the rights already sold the same amount in their mother share holdings long before, hence doing a flip.
LIB hit 3.25 before closing at 3.05. The headlines read: San Miguel buys
initial 33% stake in Liberty Telecoms. Will there be a tender? Will buying be chopped up into satellite companies doing the buy in to skirt the tender?
Asian markets were mixed, with Japan's NIkkei taking a bigger hit as the
export economy balked at the stronger yen at 93.
Crude prices continued to slide even after a report showed crude supplies shrunk by 2.9 million barrels last week, as traders continued to worry about proposals from both sides of the Atlantic to crack down on specualtion in oil markets. A move that is long overdue.
TOTAL FOREIGN BUYING : P 465,098,639.20
TOTAL FOREIGN SELLING : P 841,571,453.20
NO. OF ADVANCES: 60
NO. OF DECLINES: 34
NO. OF UNCHANGED: 55
NO. OF TRADED ISSUES: 149
NO. OF TRADES: 7,633
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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