DMN May 31

PSEi                 3,272.73         UP     20.10
VALUE PHP              2,525,478,770.00

Dow10,136.63-122.36(-1.19%)
S&P 5001,089.41-13.65(-1.24%)
Nasdaq2,257.04-20.64(-0.91%)

At the end of Friday’s trade, Wall street shorters try to square off some trading ahead of the long weekend due to Memorial Day holiday this Monday.  Intraday lows of dow being down over 150 gradually rose until the DJIA was lower by about 20 only.  Apparently, there were also long positions who wanted to square out and sold off at the last few minutes, sending the major indexes lower by 1% each.  That Spain was downgraded a notch by ratings agency Fitch made for a nice story as the apparent culprit for the weakness.

DOW 10k hat is worn by many.  For the bulls, a heavily defended 10k means bullish, while a pierce below seems bearish for some, at least for the short term.

Asia today opened only slightly lower but was not too sold on the repeated Euro doom and gloom scenario and some markets like the PSEi already recovered.

The ratio of index gainers to losers to unchanged were fairly distributed today, with gainers being led by TEL MER URC AP RLC.  Lopez related stocks MER 179 FPH 58.5 BPC 3.8 fared well today as investors anticipate good news they hold their stockholders’ meeting this noon.  Index losers were led by AC JFC AGI MWC ABS.

Best gainers include MA/B .02/.021 as Manny Pangilinan announces that they are no longer in talks with Lepanto for acquisition or projects, but talks of such are still ongoing for Felipe Yap’s Manila Mining.  Other gainers: JGS 13.75 (if going down, people say Cebu PAC ipo postponed.  So now still going up, IPO to continue?  I say with or without CP Ipo, JGS will be a fundamental play), UNI .135, ABA .47, EEI 3.65, RLC 14.5, URC 26,

Top losers were OM .012, APM .01, MED .34, MRC .78, IRCB

TOTAL FOREIGN BUYING   : P  1,088,139,520.25
TOTAL FOREIGN SELLING  : P    701,837,472.25

SPECIAL BLOCK SALES:
FGEN          2,000,000 @ P10.7491              21,498,200.00
TEL.             10,000 @ P2,378.1995           23,781,995.00
———————
TOTAL (P45,280,195.00)     %MKT   1.792
=====================

NO. OF ADVANCES:              50
NO. OF DECLINES:              52
NO. OF UNCHANGED:             53
NO. OF TRADED ISSUES:        155
NO. OF TRADES:             6,979

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