September 22 Philippine Stock Market Daily Review
Correction Looms
After a blazing start which saw the Phisix gain by about 1%, profit taking dominated the late day leading the Phisix to close slightly higher by 7.02 points or .42%.
The market was essentially mixed, the gains of the Phisix was underpinned by the marked advances of Globe Telecoms (+3.33%) and property heavyweights Ayala Land (+1.58%) and SM Primeholdings (+1.63%). All three issues posted the largest capital flows from overseas investors. On the other hand, three blue chip issues weighed on the market, namely Ayala Corp (-1.53%), Metrobank (-1.75%) and San Miguel B (-1.42%). The former two were hobbled by foreign selling.
Foreign money once again dictated on the activities of the market accounting for 61.07% of the day’s output. Aside, foreign money posted a net inflow of P 39.260 million (US$ 698,576) even as they sold more issues among the blue chips (4 outflows-3 inflows-1 no transaction) and in the broader market. Since foreign money commanded the pace of the market, 7 of the 9 heavy cap issues (except Metrobank and San Miguel B down 1.42%) made the top ten most active lists with a combined share of 75.5% of today’s output.
Sentiment was generally mixed as declining issues led advancing issues 43 to 37. Meanwhile industry indices were also evenly distributed among gainers and losers. Among the gainers are the Property, Commercial Industrial and the ALL index. The losers list included the Financials, Mining, and Oil. It’s such an irony considering that crude oil prices are now headed for the $47 per barrel level while Petroenergy the only company actively generating oil revenues (among the oil exploration companies) from its African Well was sold down today. Speaks highly of the nature of our investor’s mindset.
Obviously the market was driven no less than the intense foreign interest in Globe and the main property heavyweights even as they sold heavily in PLDT (unchanged) and Bank of the Philippine Islands (unchanged). Globe Telecom appears to have ensnared the leadership mantle from its main rival to assume the market’s frontrunner. Meanwhile foreign interest with property issues continue to provide the supporting to role to the Phisix as local investors seemed to have paused from their recent aggressive buying stance.
The slowdown or the profit taking activities envisaged during the close of the trading session could presage for further declines tomorrow, any dips could be seen as a buying window. Aside, if one would consider the technical picture of the Phisix in Japanese Candlesticks today’s activities appears to limn a ‘shooting star’ pattern which connotes of an interim bearishness in the offing.
Correction Looms
After a blazing start which saw the Phisix gain by about 1%, profit taking dominated the late day leading the Phisix to close slightly higher by 7.02 points or .42%.
The market was essentially mixed, the gains of the Phisix was underpinned by the marked advances of Globe Telecoms (+3.33%) and property heavyweights Ayala Land (+1.58%) and SM Primeholdings (+1.63%). All three issues posted the largest capital flows from overseas investors. On the other hand, three blue chip issues weighed on the market, namely Ayala Corp (-1.53%), Metrobank (-1.75%) and San Miguel B (-1.42%). The former two were hobbled by foreign selling.
Foreign money once again dictated on the activities of the market accounting for 61.07% of the day’s output. Aside, foreign money posted a net inflow of P 39.260 million (US$ 698,576) even as they sold more issues among the blue chips (4 outflows-3 inflows-1 no transaction) and in the broader market. Since foreign money commanded the pace of the market, 7 of the 9 heavy cap issues (except Metrobank and San Miguel B down 1.42%) made the top ten most active lists with a combined share of 75.5% of today’s output.
Sentiment was generally mixed as declining issues led advancing issues 43 to 37. Meanwhile industry indices were also evenly distributed among gainers and losers. Among the gainers are the Property, Commercial Industrial and the ALL index. The losers list included the Financials, Mining, and Oil. It’s such an irony considering that crude oil prices are now headed for the $47 per barrel level while Petroenergy the only company actively generating oil revenues (among the oil exploration companies) from its African Well was sold down today. Speaks highly of the nature of our investor’s mindset.
Obviously the market was driven no less than the intense foreign interest in Globe and the main property heavyweights even as they sold heavily in PLDT (unchanged) and Bank of the Philippine Islands (unchanged). Globe Telecom appears to have ensnared the leadership mantle from its main rival to assume the market’s frontrunner. Meanwhile foreign interest with property issues continue to provide the supporting to role to the Phisix as local investors seemed to have paused from their recent aggressive buying stance.
The slowdown or the profit taking activities envisaged during the close of the trading session could presage for further declines tomorrow, any dips could be seen as a buying window. Aside, if one would consider the technical picture of the Phisix in Japanese Candlesticks today’s activities appears to limn a ‘shooting star’ pattern which connotes of an interim bearishness in the offing.
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