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.
Looking at the top index losers, Ayala stocks AC ALI were very much battered, both of these contributing to 15 lost psei points. A trend apparent in our monitoring of continued NFS in the past days for these stocks. For today, AC had 163m nfs, while ALI had 60m nfs.
Index leader TEL contributed 273m NFS but was flat at 2395.
Were it not for the last second force close with volume of some Lopez stocks, we would easily be down 10% more.
By closing, the only index stocks left in the green were SMPH URC DMC MEG,
Value turnover was light and nothing in the top 10 overall gainers had sufficient volume either. For the overall loses, leading were FLI .69 ALI 8.10, AC 265, CHIB 330.
Other interesting developments: WEB breaks out of .05. No one seems to know what is going on with this stock except for its QTECH connection where San Miguel and PLDT have board seats in ongpin's WEB, and that Ongpin's qtech has been very active in deals with meralco, pldt, san miguel, plus special stockholders' meeting on August 14, 2009.
TOTAL FOREIGN BUYING : P 1,139,163,392.95
TOTAL FOREIGN SELLING : P 1,091,684,612.80
NO. OF ADVANCES: 31
NO. OF DECLINES: 61
NO. OF UNCHANGED: 50
NO. OF TRADED ISSUES: 142
NO. OF TRADES: 6,566
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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