Today’s Stock Buzz-August 7, 2009
Share prices dip after investors book profits
SHARE PRICES slipped yesterday after investors pocketed gains, analysts said. US stocks also fell, dampening sentiment.
The benchmark Philippine Stock Exchange index lost 1.58% or 45.75 points to 2,841.21, while the all shares index retreated by 1.15% or 20.98 points to 1,799.29.
A total of 5.1 billion shares worth P3.67 billion were traded with net foreign selling at P104 million.
Decliners led advancers 66 to 39, while 58 shares did not move.
The Dow Jones industrial average lost 0.42% or 39.22 points to 9,280.97, while the Standard & Poor’s 500 index lost 0.29% or 2.93 points to 1,002.72. The Nasdaq composite index dipped by 0.91% or 18.26 points to 1,993.05.
At home, the service sector declined by 3.46% or 51.92 points to 1,446.45, along with holding firms that tumbled by 2.53% or 39.92 points to 1,534.07.
Property shares lost 0.9% or 8.93 points to 976.84.
Mining and oil stocks, on the other hand, rallied by 0.6% or 43.01 points to 7,149.97, while financial stocks rose by 0.47% or 2.86 points to 610.45.
Industrial companies gained 0.34% or 14.73 points to 4,314.92.
Most stocks closed lower, with index heavyweight Philippine Long Distance Telephone Co. slipping by 2.87% or P75 to P2,550.
Ayala Land, Inc. shed 2.08% or 20 centavos to P9.40.
Andrew Tan-led Megaworld Corp. fell by 1.47% or two centavos to P1.34, while Sy-led Banco de Oro Unibank, Inc. tumbled by 1.38% or P0.50 to P35.50.
Manila Electric Co., on the other hand, gained 2.5% or P6 to P246.
The Bank of the Philippine Islands rose by 1.09% or P0.50 to P46, while the Metropolitan Bank & Trust Co. did not move at P39.
Claire S. Quiray of Regina Capital Development Corp. said investors played safe by abandoning their positions as the market entered more deeply into the “ghost” month of August.
“The market corrected yesterday and this might continue,” she said.
“We might see a slowdown in trading activity. If this happens, it might take longer for the market to rebound since there would be less demand for stocks.”
Details here.
***
Local equity markets were closed yesterday as it was a national day of mourning when former president Corazon Aquino was buried. Other asian markets rallied and corrected at the close, and most of these markets were higher again today, except for china which was once again weaker on fears of tightening rules on lending.
Today was an excuse to sell for the PSEi punters, most glaring NFS was on the utilities power energy water counter, where only MER stood with 16m nfb, while the rest: AP EDC FGEN FPH MWC each had NFS ranging from 12m to 29m.
SMPH AC and ALI were now in unison with over 20m nfb each.
MEG continued to be weak with 90m nfs today with no JPMorgan fighting the sellers, this stock had about 50m nfs yesterday and selling force was met by JP Morgan’s buying.
Other large nfs came from GLO 70M, TEL 184M.
Today’s index gainers were few: mer smph bpi dmc smc hlcm. TEL’s 75 peso drop to 2550 made for 22 lost psei points. GLO’s 125 peso drop to 1010 made the psei lose 10 more points.
Top gainer of the day was UPM as it may get a foreign partner to mine its site sooner than later. Volatile felipe yap mining companies lc/b ma/b came back to life at the final half hour, ma/b closed up higher than 10% at .027/.029, gaining more than AT which went up to 7.8.
PNB also rebounded back to life to 24.25.
TOTAL FOREIGN BUYING : P 1,693,770,775.90
TOTAL FOREIGN SELLING : P 1,797,876,395.34
NO. OF ADVANCES: 39
NO. OF DECLINES: 66
NO. OF UNCHANGED: 58
NO. OF TRADED ISSUES: 163
NO. OF TRADES: 10,928
Details here.
Where are you from? Is it a secret?