PSEi 2,915.71 DOWN 15.76
value php 3,168,187,615.00
DOW 17.46 +0.17% 10,023.42
NASDAQ 7.12 +0.34% 2,112.44
S&P 500 2.67 +0.25% 1,069.30
News that American unemployment hit a 26-year high of 10.2% last month saw an initial weaker open, but had buyers coming in to help dow 10k survive its bid.
In the local front, the market was already weaker at the opening, brought about by TEL's drop in its New York ADR trade to about 2,500 parity. Local TEL loses 75 pesos to 2490, worth 22 lost psei points. I guess we can factor in here the peso's depreciation from 46.++ to now 48.++, and also the recurring notion of less focus and finance may be allotted for TEL growth by the MVP group now that they have to finance their new toy MER.
The index drop then revival then final drop may also be attributed to MER (and affiliates) drop to 192, rebound 204, then close 197. Other Lopez stocks were weak: FPH 54.50, FGEN 17.25, BPC 3.90, MPI 2.80,
Local activity was led by the secondliners: GEO .85, NI 5.7, UPM, .011, AR .0055, SGI 1.02, PX 15.75, ACR 1, AT 9.90, mostly bolstered by continued strength of ISM now .05.
PX's 2.25 rise to 15.75 actually led the index gainers, as this was worth 19 gained psei points, buffering the index from what could have been more than double its day's loss.
TOTAL FOREIGN BUYING : P 544,402,112.65
TOTAL FOREIGN SELLING : P 683,428,743.30
NO. OF ADVANCES: 63
NO. OF DECLINES: 61
NO. OF UNCHANGED: 44
NO. OF TRADED ISSUES: 168
NO. OF TRADES: 11,511
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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