Philippine Stock Market Update December 1

PSEi 4,002.88 | up 49.18 | 1.24%
Value Php 5.9B

Dow Jones    11,006.02    -46.47    (-0.42%)
S&P 500    1,180.55    -7.21    (-0.61%)
Nasdaq    2,498.23    -26.99    (-1.07%)

It’s the first of the month, and just like a bad horror movie with the lead actor needing viagra, futures markets for Europe and Wall Street were pointing higher but then turned sour again on actual trading time, citing continued Euro fears.  The dow at one point even fell about 1% before slightly recouping some of the losses by the close.

In local trading, as we expected, the PSEi opened higher and did not stop until it hit the positive 70 point rise level, largely in part due to the market correcting itself from yesterday’s Daiwa led aberration.  It seems much of yesterday’s index stock victims recovered fully except for AC which floated at 370 most of the day and even sank further by closing.

In today’s DBP Daiwa activity update:
This brokerage was it again at closing.
-tried to bring down ALI, failed.
-tried to bring down TEL. succeeded in losing 20 points for the index. with that last minute drop
-ac tried to bring down AC also. slight success. AC never recovered from yesterday’s sudden last minute drop
-jfc also tried that drop thing today but did not bring it down too much
-sm tried also but not that deep this time
-smph tried to bring this down also but lots of buyers came out
-pnb his new evil project.  This despite Broker CLSA already having a field day selling PNB down the whole day, DBP Daiwa still wanted to bring it down further at the last minute.
– bpi tried also but failed as lots of buyers came out

In summary, with the intraday up 70 in our index, it  was supposed to be just back to zero level as of  tuesday’s 11:57 price. but 20 points were shaved off due to daiwa’s success in bringing down TEL to 2360.

FOREIGN BUYING      Php 3,211,317,942.3
FOREIGN SELLING      Php 3,338,051,861

NFB: 192M, AP 294M, EDC 85M, AGI 66M, ALI 23M,

NFS:  MBT 146M, PNB 36M, MER 103M, JFC 59M, AC 103M, DMC 57M, MPI 126M, SM 17M, MEG 37M, SMPH 24M, TEL 53M, NIKL 55M,

So it’s obvious yesterday’s Daiwa Deed was not a month end thing, and his attempt today was met with buyers.  The question remains as to why his agenda is to bring down the market?

Today’s noticeable decliner was DMC, sinking about 1.20.  Other usual leaders AGI AEV AP were not yet ready to give up and still rose higher.

Overnight, gold was trying to fall below 1360 but rallied strongly past 1380, which was only slightly matched in local mining stocks.  PX was unchanged,
NIKL tried to rally with the absence of foreign selling the past few days, but as it neared the 17 level, Macquarie kept on selling and seeing there was no more buyers buying up the ask price, he decided to sell it down all the way to 16.  ATlas steadily rose to 15.68.  Surprise move after ex-rights, LC/B rose again .36/.40 with broker COL buying the most from seller PEP.  I think PEP is with the same bunch as the one(s) previously buying a lot when it was still high.

NO. OF ADVANCES:       63
NO. OF DECLINES:       62
NO. OF UNCHANGED:      53
NO. OF TRADED ISSUES:  178
NO. OF TRADES:                14341

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