PSEi 3,061.99 DOWN 28.92
value php 2,376,795,480.00
DOW 86.53 -0.83% 10,366.15
NASDAQ 11.89 -0.54% 2,173.14
S&P 500 9.32 -0.84% 1,099.9
The (ISM) Institute for Supply Management’s index of non- manufacturing businesses in the U.S. — almost 90 percent of the world’s largest economy — fell to 48.7 from 50.6 in October. A reading below 50 indicates a contraction. A report on U.S. unemployment today may show the rate remain at a 26-year high of 10.2 percent, according to a Bloomberg survey. Bank of America's plan to pay back the government $45 billion was met with muted response.
Local stocks were back to their anemic usual self without the inflated value turnover for CPM FLI MER PX.
TEL returns as most active stock with 260m php traded, followed by corrective selling of PX worth 254m after Ongpin and Walter Brown sell their stake to MPI. This dominoes in further sell-off of MPI to 2.65 as concerns of spreading funds too thin with this recent purchase, weighs in on investors. PX's 2.25 drop to 15.50 made the pseindex shed 19 points altogether.
Today's third most active was also the overall best gainer with volume was ISM's breakout of .0675 to force close at .0725.
The banking sector seem to have held steady amidst this ISM inspired correction. FPH BPC suffer a fluctuation loss even as it was announced that FPH will pay out 1 peso and fphp 4.36 in cash dividend.
AC ALI now join SM in the NFS area, signifying further weakness ahead in this sector.By closing, only 5 index stocks were slight gainers: BPI EDC SM DMC SMCB.
GEM fund plays on ANI and CPM seems to be muted for now, as the plays seem to happen ahead of any formal announcement of GEM fund entry. Some other possible stocks in the funds' shortlist include other 2nd / 3rd liner stocks GEO MIC LIHC. I don't know why this tier is their preferred basket.
Other best overall gainers include MRAY 31, NI 5.40.
The peso strengthens further near the 46 level, while crude oil slips sluggishly near 76. Near the close, only Korea's Kospi was higher, with most of Asia lower, except for Japan's Nikkei fluttering about.
TOTAL FOREIGN BUYING : P 722,279,133.55
TOTAL FOREIGN SELLING : P 819,676,378.00
NO. OF ADVANCES: 31
NO. OF DECLINES: 60
NO. OF UNCHANGED: 75
NO. OF TRADED ISSUES: 166
NO. OF TRADES: 8,070
LEGEND:
NFB : Net Foreign Buying
NFS : Net Foreign Selling
PHP : Philippine pesos
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