DMN November 5 Commodities and stocks rally worldwide, TEL income falls, stock collpases

PSEi 4,349.11 | down -48.19 | -1.10%
Value Php 6,610,076,902.303

Dow Jones    11,434.84    +219.71    (1.96%)
S&P 500    1,221.06    +23.10    (1.93%)
Nasdaq    2,577.34    +37.07    (1.46%)

In a somewhat delayed reaction to its own action, Wall Street only manages to rally 2% after the rest of the world rallies on American Quantitative Easing Part Deux.  Asian markets today do a follow-on rally worth about 2% again for the second day.

Commodities stage a massive rally after cards of inflationary four aces were shown on the table.  Particularly gold skyrocketing to $1390.  That’s up $30 to $40 depending on which timezone/market cut-off showed you the quotation.

In the Philippines, we were doomed from the start as PLDT’s New York ADRs traded $2 lower, on news that their 9 month sales fell, and will have to initiate job cuts.  Globe Telecom’s net income also fell 8%.  Neither disclosure explained any number of subscriber base falling to how much.  So we can only speculate how much went to Sun Cellular, how much went to Globe unlimited.  One thing for sure, a lot went to the digital age of telephony, or voice over internet via magic jack, skype, yahoo messenger, which are all virtually free with any internet connection.  It will be very difficult to challenge a business model that is free, when in fact it is not really a business as it is, well, free.

From a previous close of 2652, TEL fell 216 pesos to 2436 (intraday low of 2430), for a fall worth 58 points chopped from the index.  That fall was too much, considering the ADRs fell only about 100 pesos worth!  From 905, GLO likewise retreats 35 pesos to 870, for a fall worth only 3 pts on the index due to its lesser weighting.

Index gains in AP SMC AGI AEV ALI (cumulative index gain of about 20 points only) was lost in the TEL slaughter.  Other index gainers: LC/B CHIB SEC BDO.

MK is at it again with an unchallenged volumeless gain to 65.  Other best overall gainers: BEL 2.99, LR 2.49, SMC 99.70 (even touched 104), APC .77, SINO .31, LCB .405, RFM 2.21.

Overall losers: TEL EG IPO ACR 1.43, SMPH APXB.

Did not make it to top 20 but had nice gains: MA/B .023/.024, SLI 2.11 ISM 4.04, PNB 73.80 Closes at day high on 60m nfb,

Gained big but virtually lost them: AT 18.32 HI, CLOSE 18.02,  PX 15.04 HI, CLOSE 14.46.

FOREIGN BUYING      Php 2,473,043,888.13
FOREIGN SELLING      Php 2,551,754,038.63
I knew the narrowing NFB ratio was somewhat a sign. Hope this slight shift to NFS does not last long (as it usually doesn’t in the past year)

So nice to eat hot korean cup noodles on a rainy Friday weekend!

NO. OF ADVANCES:       84
NO. OF DECLINES:       59
NO. OF TRADES:                18606

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