September 16 Philippine Stock Market Daily Review
Profit Taking Continues!!!
As indicated in last September 14’s Daily Market outlook “The correction phase is expected to continue in the coming sessions with probable intermittent bounces in between. Our target or buying windows are at the 1,684 (38.2% fibonnacci retracement) and 1,657 (50% retracement) levels.”…we are seeing the market approach, in fact, touched the first retracement level, during the day’s intraday activities.
Profit-taking activities continue to hound the market and were mostly concentrated on the blue chips as the Phisix closed 14.22 points or .83% lower on moderate volume of P 647.699 million (US$ 11.545 million). Foreign selling dictated today’s market performance which registered P 97.129 million (US$ 1.731 million) worth of outflows representing about 15% of the day’s cumulative turnover and was centered mostly on heavy caps PLDT (-1.45%) and San Miguel B (-2.14%) and also in second tier Phisix component issues as Equitable Bank (unchanged) and Union Cement (-5.21%). Meanwhile industry sub-indices were mostly down except for the Mining Issues which was primarily buoyed by trades in Manila Mining Local A (+14.28%) and Foreign B (+5.88%) Shares. Moreover, market breadth showed marginally higher declining issues than advancing issues, 38 to 35.
Our informal second tier market leaders succumbed to correction mood and were either down, Metro Pacific (-1.85%) and Piltel (-1.78%) or unchanged, DMC. While the accumulations rotated to second tier property issues, such as C & P (+9.75%) and Empire East (+5.88%) as well as in Manila Mining issues.
In sum, since Tuesday’s profit taking activities today’s action was largely credited to overseas money while local investors were seemingly providing support to some select issues, as the advance-decline differentials has improved for the past two days. Hence my outlook in the market will remain as indicated yesterday “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!”
Profit Taking Continues!!!
As indicated in last September 14’s Daily Market outlook “The correction phase is expected to continue in the coming sessions with probable intermittent bounces in between. Our target or buying windows are at the 1,684 (38.2% fibonnacci retracement) and 1,657 (50% retracement) levels.”…we are seeing the market approach, in fact, touched the first retracement level, during the day’s intraday activities.
Profit-taking activities continue to hound the market and were mostly concentrated on the blue chips as the Phisix closed 14.22 points or .83% lower on moderate volume of P 647.699 million (US$ 11.545 million). Foreign selling dictated today’s market performance which registered P 97.129 million (US$ 1.731 million) worth of outflows representing about 15% of the day’s cumulative turnover and was centered mostly on heavy caps PLDT (-1.45%) and San Miguel B (-2.14%) and also in second tier Phisix component issues as Equitable Bank (unchanged) and Union Cement (-5.21%). Meanwhile industry sub-indices were mostly down except for the Mining Issues which was primarily buoyed by trades in Manila Mining Local A (+14.28%) and Foreign B (+5.88%) Shares. Moreover, market breadth showed marginally higher declining issues than advancing issues, 38 to 35.
Our informal second tier market leaders succumbed to correction mood and were either down, Metro Pacific (-1.85%) and Piltel (-1.78%) or unchanged, DMC. While the accumulations rotated to second tier property issues, such as C & P (+9.75%) and Empire East (+5.88%) as well as in Manila Mining issues.
In sum, since Tuesday’s profit taking activities today’s action was largely credited to overseas money while local investors were seemingly providing support to some select issues, as the advance-decline differentials has improved for the past two days. Hence my outlook in the market will remain as indicated yesterday “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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