Stock Market News
Today’s Stock Buzz-September 23, 2009
STOCKS OPENED weak yesterday, with investors becoming cautious ahead of the 2010 elections and after Wall Street declined on Monday night, analysts said.
Today’s Stock Buzz-September 22, 2009
SHARE PRICES would likely continue to trade within a tight range this week, with politics and global equity market rallies to continue influencing selling and buying.
Today’s Stock Buzz-September 16, 2009
Share prices decline on continued sell-off
Today’s Stock Buzz-September 15, 2009
THE BOURSE’S gains last week were wiped out yesterday after investors cashed in their profits.
Today’s Stock Buzz-September 14, 2009
TRADING WOULD post mixed results this week as investors continue to track the movement of overseas markets and monitor local economic data, analysts said.
Today’s Stock Buzz-September 11, 2009
SHARE PRICES hardly moved yesterday because of lack of market-moving news, analysts said.
Today’s Stock Buzz-September 10, 2009
A STRING of bad news, along with investors shifting their interest away from the blue chips, pulled down share prices yesterday, analysts said.
Today’s Stock Buzz-September 09, 2009
SHARE PRICES opened higher yesterday as investors played catch-up with the US market’s rally, analysts said.
Today’s Stock Buzz-September 08, 2009
THE LOCAL market will likely open on a positive note today following encouraging news overseas but analysts said profit taking might trim gains.
Today’s Stock Buzz-September 07, 2009
THE LACK of leads at home and overseas, coupled with the continuous decline of the US market, pulled down share prices last week.
Today’s Stock Buzz-September 04, 2009
SHARE PRICES fell for the third time this week on Thursday after the US market continued to slip as investors turned more cautious.
Today’s Stock Buzz-September 02, 2009
PROFIT TAKERS sent share prices down by 1.08% yesterday as Wall Street closed lower Monday night, analysts said.
Today’s Stock Buzz-September 01, 2009
INFLATION DATA, profit taking and the US market’s performance would dictate the movement of the stock market this week, analysts said.
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Today’s Stock Buzz-August 31, 2009
STOCKS had one of their best weeks last week, boosted mainly by the strong performance of the US market and a string of positive local and overseas news, analysts said.
Today’s Stock Buzz-August 29, 2009
Prices close flat again
Stocks extended their flat performance on Friday, following another flat finish by the US market and ahead of another long weekend, analysts said.
Today’s Stock Buzz-August 28, 2009
SHARE PRICES again closed flat yesterday, mimicking mostly the Wednesday performance of the US market although the second-quarter gross domestic product (GDP) data made investors upbeat, analysts said.
Today’s Stock Buzz-August 27, 2009
SHARE PRICES barely moved yesterday on lack of fresh leads, both local and overseas, although some property stocks managed to push up the index, analysts said.
Today’s Stock Buzz-August 26, 2009
SHARE PRICES closed flat yesterday after a tug-of-war between profit takers and bargain hunters, analysts said.
Today’s Stock Buzz-August 25, 2009
LOCAL STOCKS are likely to resume their rise this week, boosted by an extended rally in Wall Street and the scheduled announcement of the country’s growth rate for the second quarter, analysts said.
9:30 am Wednesday 2 September 2009 Philippine Stock Exchange Index 2852.93 (-1.08%) Tuesday Close
I must admit, the Philippine equities market has become a lot deeper than it was compared to the beginnings of the rallies in previous years. Since we came out of the March bottom, value turnover had progressively gone higher. Turnover was barely Php 2 billion in March and early April. When the rally gathered steam, there were volume spikes where the market turnover topped Php 5 billion not counting any block trades done. Lately, we’d been averaging above Php3B on a normal day and above Php4B when a good play is going on. Of course, this is comparatively small when set side by side with our Asean neighbors, but domestically, it should be very encouraging for Philippine based investors.
This current rally had been sparked, fueled and sustained widely by domestic investors. Rallies in the past were almost purely foreign investor led which was why those rallies had very wide swings. Consequently, those rallies fizzled out when foreign fund managers pulled out. The evidence in this strong upswing that we’ve had since March is that in its early stages, foreign fund managers were net sellers as tabulated by the PSE statisticians. And during the few shallow dips that we saw inside this trend, there was also net foreign selling. The progress of the Philippine market can be gleaned from the domestic investors picking up the slack when foreign funds were heading for the exit. I see that as strong evidence that we can look forward to a stronger market down the road.
In yesterday’s session, the market opened 27 points below Friday’s close and traded down 48 points after an hour of trading. That it closed only 31 points down for the day is very encouraging. We are seeing investors nibbling on dips and the value turnover of Php 3.29 billion tells me that commitment to the market has not gone away. The rest of Asia is stabilizing after Monday’s sell off. Shanghai is up adding 0.6% to the SSEC while the Hang Seng gained 0.75% for the day. The way it looks, the PSE index simply played catch up for being closed on Monday.
If there is one stock that is looking like a trading buy is Meralco (MER). Technical indicators point to an oversold condition for this stock and none of the liquid stocks looks as battered as MER for the time being. Otherwise, I will continue to avoid the blue chips but will continue to keep an eye on the issues in play like AGI, ISM, WEB, LC, PIP, SINO, PNB and the like. Opportunities abound. We just have to keep on looking.
Unfortunately, New York closed 1.96% lower on the DJIA and 2.21% on the S&P 500. That does not bode for over-all sentiment on equities. I think the prudent thing to do is to raise some cash by taking profits on some old positions. The dust will probably settle in a week or so, and we can have a better picture of where this market is going. Remember, this market is moving towards maturity. That would suggest that investors are also becoming more strategically minded in managing positions. I reckon most will follow the prevailing global sentiment.
You can see regular market insights on http://guscosio.wordpress.com