Monday, September 20, 2004

September 20 Philippine Stock Market Daily Review Overseas Money Drive Phisix higher

September 20 Philippine Stock Market Daily Review

Overseas Money Drive Phisix higher

Yes the Phisix was up by a nifty 20.86 points or 1.24% alongside our sanguine neighbors, but was least impressive as Peso volume turnover amounted to only P 657.833 million (US$ 11.705 million) with a considerable portion credited to cross trades which accounted for 48% of the today’s output.

Local investors apparently sat on the sidelines as foreign money took up a hefty 61.15% of today’s output. While foreign money accumulated on the broader market as well as in most blue chip issues (6 of 8 issues), the liquidations in PLDT (+1.5%) and First Philippine Holdings (-1.88%) were large enough to register a net outflow of P 57.890 million (US$ 1.030 million) for the day.

Most of the action was seen in the blue chips. Six of the 8 issues, namely PLDT, SM Primeholdings (+1.66%), Ayala Corp (+3.33%), Ayala Land (+3.33%), Globe Telecoms (+1.49%) and Bank of the Philippine Islands (unchanged) where in the top ten most actives and contributed 68.99% of the day’s activities while number of traded issues traded fell to 109 issues quite some distance from last week’s average of 116. This shows that investors abroad took the initiative to drive up the blue chips ergo the index while the locals were dithering.

For the first time in seven sessions we saw the market breadth turn positive. Looks likely that local investors would have the gumption to hit the road in the coming sessions. Watch for it!!!

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