DMN April 22

PSEi   3,237.57         UP     33.10
value php     3,105,239,950.00

Dow     11,124.92    +7.86    (0.07%)
S&P 500 1,205.93    -1.24    (-0.10%)
Nasdaq   2,504.61    +4.30    (0.17%)

Choppy Wall Street trading ends in a flat session, unable to claw back to definite positive territory despite good earnings results so far from Google, Apple, etc.

For the PSEi tally, half of the index stocks were gainers led by AC 335 (up 15 for psei gain of 10 points), ALI EDC ICT AEV.  ICT was just 24.50 when it was sold down two days ago and now it’s back to 28.50!  About 1/3 of the index stocks were losers led by MER 169  PX 12.75, MBT MEG FPH SMC.

Continued NFS: bpi 71m, mbt 20m, ap 45m, fgen 16m, mwc 11m, urc 84m, dmc 40m, mpi 17m, meg 55m, glo 11m, tel 38m

Few NFB: ALI 67M, SM 14M, AC 66M, EDC 66M, JFC 14M, SECB 51M.

TOTAL FOREIGN BUYING   : P  1,028,068,763.75
TOTAL FOREIGN SELLING  : P  1,245,746,096.25
NFS now 4 days out of 5

Some continued crosses (day 2?) of MHC helps it to top gainer status at .44, followed by UPM 0085, ORE 1.90, OV 014, APM 008, (these oils gain as it was announced Galoc consortium to increase production), OMW2 .0036.

Overall top losers: SEVN 11 (oooh, 7-11!), OPM .013 (BUT 1.5m shares only), MA .019 (15m sh only), VLL 1.88 MEG 1.32.

With only less than two weeks left to election time, ViLLar shows no signs of recovering lost ground on the surveys.  Thus, the facet of VLL as an election play overshadowed its relative cheapness to the market, and is now experiencing a selldown.   With no offense meant to VLL holders,  Methinks this MIGHT be sold down some more by the hopers or just simply not go up until after election time, when the election stigma for VLL will exit the door and it will then either be noticed or not noticed for its fundamental value.  This selldown and inability to rise above 2 to 2.10 only lends credence to my theory (even when ViLLar was leading the polls) as to the reason why VLL won’t go up is that he’s either MAYBE liquidating to fund his campaign, or shares have been paid to some endorsers who are the ones selling.  That Enrile and Erap did an alleged expose this afternoon on Villar’s move to sell shares last 2007 prematurely doesn’t help any.

As of this writing, Europe turns ugly, dropping 1%, futures that were higher just an hour ago drops simultaneously, as  the cost of insuring Greek debt soared to a record as the euro area’s budget deficit widened to more than double the European Union’s limit.

NO. OF ADVANCES:              55
NO. OF DECLINES:              46
NO. OF UNCHANGED:             61
NO. OF TRADED ISSUES:        162
NO. OF TRADES:             7,912

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