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

PSEi       2,800.82         DOWN    6.50
value php             3,056,736,140.00

DOW      47.16 -0.48% 9,742.20
NASDAQ  6.70 -0.31% 2,124.04
S&P 500  2.37 -0.22% 1,060.61

Worse than expected consumer confidence data drags down American equities slightly.

Asia got away with mixed to sideways trading, with the PSEi still yielding some foreign buying on the big caps, but loss of appetite in small caps originally wounded from the Ping Erap counter expose, and now reeling from Ondoy's wrath.

TEL's 241m nfb, kind of nullified URC's 227m NFS.

Otherwise, Net foreign trade was not so widely pronounced on either side.

NFB:
bpi 15m, pse 12m, edc 26m, ac 24m, sm 51m, ali 15m, meg 12m, glo 14m,

nfs:
mbt 19m, pnb 21m,  ap 15m, mer 12m, mwc 23m,  mpi 10m, rlc 24m, smph 19m, at 99m, ict 20m, px 60m,  Read more... (256 words, 8 images, estimated 1:01 mins reading time)

PSEi  2,784.65         DOWN   36.69
valuephp          1,391,041,730.00

DOW    42.25 -0.44% 9,665.19
NASDAQ 16.69 -0.79% 2,090.92
S&P 500 6.40 -0.61% 1,044.38

Another day of mixed data as disappointing reports on new-home sales and durable-goods orders offset
an uptick in consumer sentiment.  

Locally, we open trading after the Metro was ravaged by strong rains last Saturday.  And as with destruction wrought by rains like typhoon Milenyo, trading the next day usually opens lower on fears of stretching the already thin RP budget.But without this storm caused destruction, we probably would have dipped lower anyway in tandem with our bigger Asian neighbors.  Read more... (338 words, 8 images, estimated 1:21 mins reading time)

PSEi   2,821.34         DOWN   16.00
value php      2,785,874,540.00

DOW     41.11 -0.42% 9,707.44
NASDAQ  23.81 -1.12% 2,107.61
S&P 500 10.09 -0.95% 1,050.78

The futures market were already pointing to about half a percent drop in the three major averages, when better than expected jobs data came in to save the day.  However, any opening pop in those markets ended as soon as worse than expected housing data came in to ruin the bulls' party, sending equities on a nosedive which was reduced by half at the close.

Local equities did a similar paring, while Hong Kong even managed to recover most of their losses.  This does not look like an end of the world panic blood bath, but rather a natural correction.    Read more... (276 words, 8 images, estimated 1:06 mins reading time)

PSEi                 2,837.34         DOWN    5.17
value php                 2,702,250,445.00

DOW     81.32 -0.83% 9,748.55
NASDAQ  14.88 -0.69% 2,131.42
S&P 500 10.79 -1.01% 1,060.87

Back in 2008, there was total darkness in the financial system, and this darkness caused a panic.  Now that the lights are switched on, some are still afraid because they see their own shadow.That is the only explanation why the markets reacted the way they did when the Fed held rates steady and announced that they were well on their way to a recovery and that an exit plan needs to be drafted. 

Wall street fluttered and faltered at the open, and the Dow rallied about 80 points on this wonderful economic news, but fears gave way to a last hour selloff which not only wiped all the gains away, but sold them off 80 points more.  Read more... (355 words, 8 images, estimated 1:25 mins reading time)

PSEi                 2,842.51         UP     57.73
value php                3,334,401,420.00

DOW    51.01 +0.52% 9,829.87
NASDAQ  8.26 +0.39% 2,146.30
S&P 500 7.00 +0.66% 1,071.6

Continuous rally brings the Dow industrials closer to 10,000.  New Zealand joins Germany and France in exiting their economic Recession.

Locally, the bulls stampede out of the gate as soon as 9:30:01 opening bell hits.

Leading the index pack were the big cap leaders once again: MER 188 (up 17, +20 pts on index, 52m nfb), TEL 2405 (up 55, +14 pts, 149m nfb), ALI 11.25 (up .50, +8pts, 70m nfb).  These three totalled 42 gained psei points.  The last second struggle of ALI at 11:59:59 showed a lot of buyers buying up the ask side at 11.50, but small sellers managed to close it at the bid side of 11.25.  Read more... (332 words, 8 images, estimated 1:20 mins reading time)

PSEi                 2,784.78         DOWN    4.55
value php    17,908,263,185.00
TOTAL MPI BLOCKED P 14,310,000,000.00
TOTAL VALUE SANS BLOCK: 3.59 Billion

Much of Asia returns to trading after the Ramadan fasting ends.  Japan remains in holiday as they commemorate the dead in their Autumn Equinox Day.   Asian stocks rose again after seesawing, as brokerage upgrades fueled speculation that regional equities can extend a six-month rally.

Wall Street's trade last Friday and Yesterday was virtually insignificant to us as any slight gains made last Friday was offset in the slight loss by the close yesterday. 

Gold and oil once again flirt below those 1000 and 70 levels.  Read more... (529 words, 8 images, estimated 2:07 mins reading time)