DMN March 19

PSEi  3,097.23         DOWN    3.72
value php        2,947,899,920.00

Dow+45.50 10,779.17+0.42%
Nasdaq+2.19 2,391.28+0.09%
S&P 500-0.38 1,165.83-0.03%

Wall street inches even further higher but only for the Dow 30, leaving the broader S&P quite flat despite good inflation and jobs data.

So what to do now in this creeping snail bull of a market.  To quote certified technician Lawrence Gonzaga, “The daily MACD of the Phisix has crossed down while the weekly MACD is about to cross up. This indicates indecision in the market.”

My take is that profit takers have already “profit took”, a lot are on the sidelines, people cutting loss have decided to hold no matter what due to cheap cost of money (for now), such that sidelined money are either waiting for a steep correction or break of 52 week highs before deciding.

Asia was moderately higher after undergoing corrections, but the PSEi that continued its uptick recently held flat.

Top index gainers: ALI DMC MER AC GLO ABS
Top index losers: TEL EDC JFC MBT SMPH
-No real spectacular moves on these.

Top gainers with volume: DMC 13 (earnings/dividend play) MPI 3.10 Chart breakout/ earnings play?
Top losers : APC .50 (prospects of projects/investors are overshadowed by disclosures of restructuring leading to possible dilution to clean balance sheet?), SINO .29 (but affiliate BEL held firm at 1.70), MAB .019 (still rights related selling), lnd .40 (heavy heavy heavy).

A lot of profit taking was evident to meet the foreign buying, even news that MEGaworld winning the JUSMAG contract was ignored as it closes a shade down to 1.30.  Recent 4 breakout stock NIhao shot to 4.25 but closed flat at 4.15

TOTAL FOREIGN BUYING   : P  1,458,278,261.30
TOTAL FOREIGN SELLING  : P  1,341,139,826.80

SPECIAL BLOCK SALES:
TEL CO.                 10,000 @ P2580          (P     25,800,000.00)
TEL CO.                 10,000 @ P2580          (P     25,800,000.00)
———————
TOTAL (P     51,600,000.00)     %MKT   1.75
=====================
NO. OF ADVANCES:              37
NO. OF DECLINES:              56
NO. OF UNCHANGED:             67
NO. OF TRADED ISSUES:        160
NO. OF TRADES:             7,345

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