September 15 Philippine Stock Market Review:
Second Stringers Point To Market’s Recovery
I’m just feeling kindda lucky, as the market seems to move right in the direction as we anticipated. Thus far, the Phisix is clearly headed for the targeted support levels indicated yesterday. Although today’s activities make us wonder if the Phisix will decline further as market internals signal that local investors are starting to jump back into the market. Informal market leaders the second stringers led by Metro Pacific (+3.84%), Pilipino Telephone (+5.66%) and DM Consunji (+3.88%) have conjointly been reanimated today matched by a mending of the advance decline differentials which was surprisingly neutral for today, after three consecutive sessions of decline!!! Although number of issues have evidently been reduced to 110 from last week’s average of 126 per day, meaning that today’s mixed broadmarket activities were categorized into select accumulations on second liners while the blue chips persisted with its profit-taking mode after a brisk advance during the previous week.
On the other hand while foreign money posted slight inflows of P 9.564 million relative to today’s lean volume of P 582.183 million, they bought more issues in the broadermarket by a ratio of 2 to 1. Foreign money still commanded the activities in the market having a slight majority of 52.97% of today’s turnover.
Yes, the Phisix was down by 11.37 points or .66%, but this was mostly due to the corrections seen in ONLY three heavyweights namely, market pillar PLDT (-1.08%), playing catch up Globe Telecoms (-2.39%), and Bank of the Philippine Islands (-2.19%), whom has provided the nub of the growth of the Phisix in these latest rally. Only Metrobank closed higher by 1.85% while the rest of the field, San Miguel A and B shares, SM Primeholdings, Ayala Land and Ayala Corporation, were neutral.
What does this imply? First we may see in the coming sessions the revival of broadmarket activities rather than in the blue chips, meaning that the Phisix could still founder over the interim with corrections from the major protagonists (PLDT and GLO) or see them move sideways although the thrust of the activities will center on the second and third liners. Second, the other possible move will be a resumption of buying activities in both the blue chips and the second liners, although my inclination is for the former.
The buying window is starting to open so grab it while you can!
Second Stringers Point To Market’s Recovery
I’m just feeling kindda lucky, as the market seems to move right in the direction as we anticipated. Thus far, the Phisix is clearly headed for the targeted support levels indicated yesterday. Although today’s activities make us wonder if the Phisix will decline further as market internals signal that local investors are starting to jump back into the market. Informal market leaders the second stringers led by Metro Pacific (+3.84%), Pilipino Telephone (+5.66%) and DM Consunji (+3.88%) have conjointly been reanimated today matched by a mending of the advance decline differentials which was surprisingly neutral for today, after three consecutive sessions of decline!!! Although number of issues have evidently been reduced to 110 from last week’s average of 126 per day, meaning that today’s mixed broadmarket activities were categorized into select accumulations on second liners while the blue chips persisted with its profit-taking mode after a brisk advance during the previous week.
On the other hand while foreign money posted slight inflows of P 9.564 million relative to today’s lean volume of P 582.183 million, they bought more issues in the broadermarket by a ratio of 2 to 1. Foreign money still commanded the activities in the market having a slight majority of 52.97% of today’s turnover.
Yes, the Phisix was down by 11.37 points or .66%, but this was mostly due to the corrections seen in ONLY three heavyweights namely, market pillar PLDT (-1.08%), playing catch up Globe Telecoms (-2.39%), and Bank of the Philippine Islands (-2.19%), whom has provided the nub of the growth of the Phisix in these latest rally. Only Metrobank closed higher by 1.85% while the rest of the field, San Miguel A and B shares, SM Primeholdings, Ayala Land and Ayala Corporation, were neutral.
What does this imply? First we may see in the coming sessions the revival of broadmarket activities rather than in the blue chips, meaning that the Phisix could still founder over the interim with corrections from the major protagonists (PLDT and GLO) or see them move sideways although the thrust of the activities will center on the second and third liners. Second, the other possible move will be a resumption of buying activities in both the blue chips and the second liners, although my inclination is for the former.
The buying window is starting to open so grab it while you can!
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