DMN July 7

Bull_BearPSEi 3,350.08 UP 14.37
value php 3,109,556,585.00

Dow 9,743.62 +57.14 (0.59%)
S&P 500 1,028.06 +5.48 (0.54%)
Nasdaq 2,093.88 +2.09 (0.10%)

Wall Street rose 2% only at the open, then gradually gave most of these gains back by closing, signifying that short term traders were not enough to overcome sidelines long term investors.  curious to note that the highs of S&P for yesterday was only slightly higher than the 1040 pivot point.  A pivot is so called as it was once support but has now turned resistance.

The PSEi was once again the lone wolf amongst its asian counterparts who were lower. We managed to rise again on the merit of two stocks: AEV 21.25 (UP .75 worth 5.3 +psei points on pure net local buying), TEL 2420 (up 15 worth 4 +psei points despite 96m nfs).

Lopez stocks were united in weakness: FPH 52, EDC 4.65, BPC LPZ 3.35, FGEN 9.90. Banking stocks BDO 60m, BPI 54m continued to enjoy NFB albeit their displayed weakness today.

SCC, upgraded to 100 by Deutsche, and 140 by First Metro, figured again as top gainer with volume thanks to 100m NFB. DMC likewise showed strength at 18. Other top gainers: ELI .45, MEG 1.38, SOC 3.50.

TOP losers were URC 28.50, IS .055. ORE gains to 2.80 but closes unchanged to 2.60. Some buying interest at Nihao as it now turns 3.55.

TOTAL FOREIGN BUYING : P 1,250,883,148.05
TOTAL FOREIGN SELLING : P 1,294,055,198.00

NO. OF ADVANCES: 53
NO. OF DECLINES: 39
NO. OF UNCHANGED: 74
NO. OF TRADED ISSUES: 166
NO. OF TRADES: 7,114

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