DMN October 18 Lackluster, Like Luster

PSEi  4,215.11 | down  -1.24 | -0.03%
Value php 4.3B

Dow Jones    11,062.78    -31.79    (-0.29%)
S&P 500    1,176.19    +2.38    (0.20%)
Nasdaq    2,468.77    +33.39    (1.37%)

Worries over more possible bank closures and property foreclosures overshadow optimism about any quantitative easing by the Fed, giving way to a continued slight correction started in wall street and rippling through Asia right now.

Local trade was lackluster, and the story was not just the lack of advancers, but the minute amount of percentage gains these only 8 index stocks made, versus the also small amount of percentage losses made by index stocks who comprised a herd of tiny ants.

It was so lackluster that the pse quotes arrived early today!  The only 8 gainers were JFC AEV AC CHIB MER GLO SM SMPH.  Don’t know how it affects JFC, but they may have bought Mang Inasal.

An erratum and apologies for last week’s MBT rights at 45.  I passed the info on to our readers without clearly stating whether it was fact or hearsay.  It turns out it was just hearsay and price is yet to be disclosed on this 10 Billion peso rights offering.  MBT continued to sink to 68.50

A few of the index losers were led by LC/B FLI MEG EDC FPH ALI URC.  ALI had an interesting day again.  Some shares were sold by broker JPMorgan from 17.30 to 16, in just one posting, sending the index lower by about 28 points, 25 of which were from that ALI drop.  ALI immediately snapped back to 17.30 and this 18 cent drop was worth 3 points lost for the index.  I doubt it was an error.

Top overall gainers: MK JFC PAL ORE (previous 3.04, high 3.22 close 3.15), SLF AEV PA MAC.  Top losers: IRCB ROX ALCO BRN LCB LND MA IP (hi 1.74 close 1.61) SLI

FOREIGN BUYING      Php 2,184,329,986.96
FOREIGN SELLING      Php 2,203,860,215.06
WHOOPS!

So where did the NFS come from? : EDC 121M, JFC 183M, …. and that’s it.  It was also the lack of volume on the few NFB stocks that tilted today’s net foreign trade in favor of the sellers’ camp.

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NO. OF ADVANCES:       48
NO. OF DECLINES:       90
NO. OF UNCHANGED:      43
NO. OF TRADED ISSUES:  181
NO. OF TRADES:                12232

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