Daily Market Notes October 29, 2009
October 29, 2009 by dragon
PSEi 2,862.33 DOWN 45.88
value php 3,308,579,940.00
DOW 119.48 -1.21% 9,762.69
NASDAQ 56.48 -2.67% 2,059.61
S&P 500 20.78 -1.95% 1,042.63
Stocks tumble as new home sales post surprise drop to 402,000 (from expected 450,000) for September. Mining stocks of hard and soft commodities fall as the U.S. dollar strengthens, currently sending the Philippine Peso back to 48.
Local equities did not stand a chance. Hitting a maximum drop of 59 points before closing down 45, the psei might be on the way to creating mini lower highs as it reaches 2,700. This trendline value of 2,700 is only a current approximation as it steadily goes up by the day, and value may differ depending on the time and days it takes to get there.
By closing, only 2 index stocks were left standing, and both of these even a last minute runup: PX 10.75 (nfb 111m php), and MBT 40 (nfb 30m). You've got to hand it to PX though, sellers posted amounting to about 15m shares at 10.25, 22m at 10.50, and some 10.75 were all bought up at the close mostly by broker Asiasec.
It's recent tag-along MA/B nowhere near had its strength, as previous accumulator broker 220 ATR (past few weeks bough around 900M shares) was now seen selling about 100m shares at .026.
MER frenzy fizzles frantically as filipinos flipped and flopped back to 186, for an 8 peso drop worth 9 lost psei points.
Other big index losers include: ALI BPI BDO AC SMPH GLO (all leaders that we said to watch out for in the past recent editions of DMN that have made u turns to negative sentiment).
TOTAL FOREIGN BUYING : P 1,149,848,929.25
TOTAL FOREIGN SELLING : P 1,645,433,975.35
GLARING 500M PHP NFS!
Look at how ugly the picture is: FOR NFS: BDO 16M, BPI 35M, SECB 70M, FGEN 10M, MER 9M, JFC 39M, AC 44M, DMC 15M, MPI 15M, ALI 122M, FLI 52M, MEG 103M, RLC 49M, SMPH 17M, VLL 36M, GLO 84M, CPM 21M,
Again, few NFB were localized to a few stocks: PX 111M, TEL 75M, SM 15M, URC 26M, EDC 54M, MBT 30M.
The tale of the tape brings out overall top gainers MRAY 16.75, ab/abb, vita, uw, mvc, px.
Previous gainers without backing fell: AAA MHC JOH WPI FAF JTH MRC.
Curiously, FAF showed some persistent strength at 1.24, despite continued selling by broker 389 King's power. King's who sold 8m shares (at 1.20) bough most of these back (6m) by closing at .90. This nets over 2m pesos in profits! Is this FAF play related to their pacific online sharing? Or a new backdoor?
Known Bobby ongpin stocks AB/B MRAY WEB were pretty strong today.
Oils OV OPM are weaker still, especially after galoc operations were postponed
NO. OF ADVANCES: 21
NO. OF DECLINES: 108
NO. OF UNCHANGED: 42
NO. OF TRADED ISSUES: 171
NO. OF TRADES: 10,176
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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