Daily Market Notes November 13, 2009
November 13, 2009 by dragon
PSEi 3,034.32 DOWN 39.60
value php 3,938,407,065.00
DOW 93.79 -0.91% 10,197.47
NASDAQ 17.88 -0.83% 2,149.02
S&P 500 11.27 -1.03% 1,087.24
No apparent reason was given last night's selloff except for "investors questioning value and fundamentals vis a vis the runup". Translated technically, its a natural correction of a market going up.
Local stocks sank 50+ at the open, recovered half of these points, only to sink some more by the close due to PX's panic selling when somebody's (presumably bdo fund) stop loss order for their trailing stop was triggered. This 2.75 drop of PX to 16.75 was worth 23 bloodied psei points, helped by 347m nfs.
Banking stocks had net foreign participation rotating. They turned NFS on MBT 15M, PNB 38M, while switching to NFB for BDO 25m, BPI 59m. These stocks traded virtually flat.
All net foreign trades on power and utilities were under 10m Pesos today.
MPI had a better than usual opening but was met with truckloads of selling that saw it lower still to 2.60 on continued 62m nfs.
Only 4 index stocks gained: SMPH BPI ABS PCOR, whose total only amounted to +6 psei points. This only meant that the other index stocks didn't lose that much compared to PX's bigger piece of the losing pie.
Going forward, the top gainers could have had more gains but were quite unanimous in shaving off a few fluctuations from the top: I 6.3, ANI 24.75, MRAY 18.50, T 4.60, MAC. Top losers were FAF OMW2, PX DIZ IMP LC/B MIC ISM.
TOTAL FOREIGN BUYING : P 736,844,570.00
TOTAL FOREIGN SELLING : P 1,124,981,007.60
NO. OF ADVANCES: 31
NO. OF DECLINES: 78
NO. OF UNCHANGED: 58
NO. OF TRADED ISSUES: 167
NO. OF TRADES: 13,204
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