Daily Market Notes December 3, 2009

PSEi   3,090.91         DOWN   29.05
value php     2,610,103,070.00
PSEi true value turnover exposed.

DOW    18.90 -0.18% 10,452.68
NASDAQ 9.22 +0.42% 2,185.03
S&P 500 0.38 +0.03% 1,109.24

The Fed beige book reveals that the stimulus plan is working and that the economy is on track for growth.  This is saving equity markets from deeper corrections.

Asian markets were mixed, with Jappan's Nikkei as the biggest gainer on their lower yen.

PX drops 1.75 to 17.75, and made up for 15 lost psei points on the news that Walter Brown and Robert Ongpin and DBP sell their combined 9.24% shares in PX to MVP's First Pac group at 21 per share.  The latter now has a 40% stake acquired during the period of over one year.  The next biggest shareholder of PX is SSS again with a 22% stake.   With the same cast of characters, expect SSS Chair Neri to do a  Winston Garcia to possibly insist on getting bought out at 21 again via tender, like the latter is asking with Meralco "to protect government investments".

Only 5 index stocks gained: SMPH FPH TEL JGS BEL.  Gains on FPH BPC seems to be due to rumors of a cash dividend on First Holdings will benefit shareholders, especially BPC that owns FPH.

Other top index losers include: ALI MBT AC BPI RLC EDC MER ABS.

Overall top gainers include AAI SLI OV APM UNI BPC FPH.

Overall top losers were NI ALCO CPM LC UPM JOH PHES PX IRCB ICTV

Value turnover is weakened further as past "Activity" in CPM PX seems to have toned down, but they still get a little over 700M in combined volume, or 1/3 of the market.

TOTAL FOREIGN BUYING   : P    908,760,136.25
TOTAL FOREIGN SELLING  : P    706,897,894.03

NO. OF ADVANCES:              38      
NO. OF DECLINES:              60      
NO. OF UNCHANGED:             64
NO. OF TRADED ISSUES:        162
NO. OF TRADES:             8,079

LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos

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