PSEi 2,483.39 DOWN 3.83
value php 1,983,096,610.00
DOW 36.65 -0.45% 8,146.52
NASDAQ 3.48 +0.20% 1,756.03
S&P 500 3.55 -0.40% 879.13
It may take a new manner of monster to bring down global markets into the
sentiment of massive fear it had late last year and early this year. could the new panic come from commercial real estate sector, which has a total exposure of US$1.8 trillion? Of this amount, defaults are axpected to rise to 25% which is roughly equivalent to US$450 billion.
Anyway, our blog article last week explains the tug of war of negative sentiment brought about by the impending break of the neckline in a bearish head and shoulders pattern in both the S&p and DJia, plus the lukewarm but slightly positive notion from the cheap money due to low interest rates and excess liquidity from all the global stimuli.
Locally, it was again the same old story. An intraday run to 2500, which was worth almost 20 points, eroded steadily to close the psei slightly lower.
MER and TEL are once again on the opposite ends of the spectrum, with TEL's 15 peso gain to 2360 brings it to top index gainer status worth 4.7 psei points. While MER's 5 peso loss to 174 was worth 5.8 psei points.
For the in betweens, the breadth was generally mixed to flat as 12 index issues closed unchanged.
TOTAL FOREIGN BUYING : P 775,838,465.00
TOTAL FOREIGN SELLING : P 1,013,011,409.80
NO. OF ADVANCES: 42
NO. OF DECLINES: 44
NO. OF UNCHANGED: 57
NO. OF TRADED ISSUES: 143
NO. OF TRADES: 5,797
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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