Finance Manila - Philippines, business, tech, travel, life in the metro

PSEi                 2,437.99         DOWN   30.06
value php  2,409,712,195.00

WINDOW DRESSING

DOW 90.99 +1.07% 8,529.38
NASDAQ 5.84 +0.32% 1,844.06
S&P 500 8.33 +0.91% 927.23

For lack of apparent reason, Madoff's sentencing to 150 years in prison was attributed to wall street's rally last night.

Locally, people expecting an uptick due to window dressing were very much disappointed.  Heck, people expecting an uptick due to wall street's rally were also very disappointed.

The sell on rally theme was still very much prevalent, and some fund managers could probably not wait to sell any rally there is.  In my article last year, I surmised that the term window dressing does not necessarily mean up.  It may also mean beautifying or dressing up your portfolio by getting rid of ugly stocks.  In this case, Philippine stocks, as it was apparent with today's unexpected selloff.  Read more... (369 words, 9 images, estimated 1:29 mins reading time)

PSEi                 2,468.05         DOWN    9.39
value php       2,270,232,945.00
FLUTTERY will get you nowhere

DOW 34.01 -0.40% 8,438.39
NASDAQ 8.68 +0.47% 1,838.22
S&P 500 1.36 -0.15% 918.9

With lack of fresh leads except for the much ignored better than expected consumer sentiment report in the u.s., the Psei follows fall street in fluttering about then closing slightly lower.  Much of asia also almost 1% down by the close.

All 30 stocks (32 if you count the B shares of LCB SMCB) made insignificant 1 or at most 2 fluctuation moves in either direction.  Only the extreme index decliner AC that lost 7.50 to 277.50 had a big impact of 5 psei points lost, plus extreme index gainer TEL that gained only 10 pesos but due to its heavy index weighting, contributed 2.8 gained psei points.  Read more... (403 words, 8 images, estimated 1:37 mins reading time)

PSEi                 2,467.56         UP     51.73
VALUE PHP            3,040,844,025.00
DOW 23.05 -0.28% 8,299.86
NASDAQ 27.42 +1.56% 1,781.63
S&P 500 5.84 +0.65% 900.94

Better-than-expected durable-goods report coupled with worse than expected Housing data made for a strong opening in wall street.  Their Dow Industrials failed to hold on to a 100 point gain, and closed down 23.

Locally, two leaders joined forces to drive up the index.  TEL's 60 peso climb to 2375 was worth 16.7 psei points, while MER'S 8 peso gain to 145 was worth 9.4 gained index points.  TEL swings to 121m nfb, but MER had 17m pesos nfs.

Net foreign activity was not that lop sided this time around, with the favor tilting slightly over the buying side.  Aside from TEL, bulk of the NFB came from EDC 121M, GLO 49M.  Read more... (284 words, 8 images, estimated 1:08 mins reading time)

PSEi                 2,415.83         UP     45.77
value php        2,191,252,630.00

DOW 16.10 -0.19% 8,322.91
NASDAQ 1.27 -0.07% 1,764.92
S&P 500 2.06 +0.23% 895.10

U.S. home prices continue to soften but existing U.S. home sales increased
2.4% in May. The Federal Reserve also ends tonight a two day meeting on what to do with interest rates. It is widely believed they will leave it unchanged.

Local equities close near the high, 2415.  This is also very near the 50% retracement resistance level of 2420 as explained yesterday.  Strangely enough, 2420 is quite near the 2425 previous support.  This is what is called a pivot point, where previous support now becomes resistance.

Clear breakaway leader from the index stocks was MER's 13 peso climb to 137, worth 15 psei points.  Mer had 6m NFS by the close.