Philippine Stocks update Dec 3 PSEi 4200 tested

PSEi 4,176.48 +27.58/0.66%
Val. P5.51B

Dow Jones    11,362.41    +106.63    (0.95%)
S&P 500    1,221.53    +15.46    (1.28%)
Nasdaq    2,579.35    +29.92    (1.17%)

U.S. stocks struggled at the open but managed to rally 1% Thursday, building on the previous session’s big gains, as investors cheered strong retail sales and welcomed the European Central Bank’s plan to extend liquidity measures.

Asia was mixed to only slightly higher.  The PSEi reached the recent high resistance of around 4200 before immediately plunging off the cliff.  The dip took the index lower by 16 points before a gradual rally towards the close back to 4200 level ensued.  However, final minute marking halved the 40+ gain down to a 27 point one, with ALI sinking from 17 to 16.50 (previous 16.22).  Same Daiwa Moves, but different broker used: Macquarie.

Today, Daiwa’s visible hands were also seen marking BPI 35 cents lower to 58.05, SM was also marked down from 546 to 538 at the close.  Same with BDO: 59.60 to 59.35.  Also with JFC: 84.45 to 84.  I swear, someone is spending big money to make the index appear to be lower than it actually is.

The index rundown was obviously not too much in favor of the bulls, as there were not few losers in the mix.  Top index gainers were made up of: MBT AGI BPI ALI DMC, While the losers were: SM AP AC SMPH BDO.

Best overall gainers of the day were: LPZ 5.10, BEL 3.95, SLF 1201 SHNG DMC LND PNB LR IP AGI MBT GSMI MEG.  Worst losers were ANI 10.88, RFM 1.80, TBGI 4.38, LCB .405 NI 3.01.

LC momentum weakened as soon as broker Fyap was spotted selling AGAIN for the second day.

America awaits the jobs data to be released tonight.

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