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

PSEi    2,862.33         DOWN   45.88
value php       3,308,579,940.00

DOW    119.48 -1.21% 9,762.69
NASDAQ 56.48 -2.67% 2,059.61
S&P 500 20.78 -1.95% 1,042.63

Stocks tumble as new home sales post surprise drop to 402,000 (from expected 450,000) for September.  Mining stocks of hard and soft commodities fall as the U.S. dollar strengthens, currently sending the Philippine Peso back to 48.

Local equities did not stand a chance.  Hitting a maximum drop of 59 points before closing down 45, the psei might be on the way to creating mini lower highs as it reaches 2,700.  This trendline value of 2,700 is only a current approximation as it steadily goes up by the day, and value may differ depending on the time and days it takes to get there.

By closing, only 2 index stocks were left standing, and both of these even a last minute runup: PX 10.75  (nfb 111m php), and MBT 40 (nfb 30m).  You've got to hand it to PX though, sellers posted amounting to about 15m shares at 10.25, 22m at 10.50, and some 10.75 were all bought up at the close mostly by broker Asiasec.  Read more... (488 words, 2 images, estimated 1:57 mins reading time)