DMN May 11

PSEi    3,262.93         UP    120.87
value php         6,084,192,716.00

Dow      10,785.14    +404.71    (3.90%)
S&P 500  1,159.73    +48.85    (4.40%)
Nasdaq     2,374.67    +109.03    (4.81%)

Over the weekend, the Euro zone convened and came up with a rescue package announcing that they will defend the Euro and protect Greece by buying bad assets and having money for standby.

This delayed solution sent Asia rallying about 2%, and Europe rallying over 8%, and Wall Street up 4%.  But on the second day, the euphoria seems to have worn off as Asia turns red, along with the dow futures.

The PSEi, opening only today after election day holiday yesterday, shot up just a nick below 3,300, which was up about 160 for the index, but retraced to 3262.

The elections were generally peaceful, and the people cooperative despite flawed human systems that incorporated several precincts into one.  This led to long queues and compounded with the problems of broken PCOS machines.  As early as now, candidate Manny Villar has conceded to Noynoy Aquino while Erap will protest.

Vice presidential bet Jejomar (not jejemon) binay upsets Mar Roxas as the leading candidate for that position.

But as to whether the rally was as furious and extended as the decline, investors are now wary and playing it safe and maybe waiting for the smoke to clear before committing any more money to the table.

No index stock lost ground today, with the worst index stock being PCOR, unchanged at 6.70.  Best overall index stock gainers were: AEV 17.75 (UP 2.25 FOR +18 PSEI PTS), BPI 45, (UP 3 FOR +10 PSEI PTS), TEL 2495 (UP 30 FOR +9 PTS), plus DMC MER SMPH ICT EDC.  Take note that these closing prices even represented pared gains.

The blue chip index stocks still managed to lord it over and dominate the best overall gainers top 10: AEV DMC AP PLTL ABSP FGEN ICT URC, while the losers were mostly 2nd and 3rd liners without volume, including GSMI 32.5 that even re announced on the newspaper today that it may be sold within this year.

Yes Herman, you were right.  Long upper shadow today looks technically ugly.

Foreigners were seen net selling TEL PLTL GLO ICT MEG RLC VLL MPI SM ALI AC DMC URC AP EDC MBT PNB.

TOTAL FOREIGN BUYING   : P  1,999,487,435.50
TOTAL FOREIGN SELLING  : P  3,151,063,928.78

SPECIAL BLOCK SALES:
TEL                 11,730 @ P2465          (P     28,914,450.00)
TEL                9,260 @ P2460          (P     22,779,600.00)
(EDC)          10,000,000 @ P5.2           (P     52,000,000.00)
SMPH            14,750,000 @ P9.7093   (P    143,212,175.00)
TEL                20,000 @ P2421.7028     (P     48,434,056.00)
———————
TOTAL (P    295,340,281.00)     %MKT   4.854
=====================
NO. OF ADVANCES:             117
NO. OF DECLINES:              12
NO. OF UNCHANGED:             32
NO. OF TRADED ISSUES:        161
NO. OF TRADES:            11,790

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

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