Listing By way of Introduction, suspended – PSE

February 21, 2010 By dragon 10 Comments

The Philippine Stock Exchange (PSE) has suspended its Rules on Listing by Way of Introduction under its Revised Listing Rules and will stop accepting applications under these rules which has been considered a loophole in its stringent listing requirements.

The recently revised PSE rules allows firms to list their shares at the bourse without first undertaking an initial public offering as long as they are required to go public by law and of they commit to do an IPO within 12 months.

In a memoradum dated February 18 but posted on February 19, PSE general counsel and issuer regulation head Roel Refran said the bourse’s board decided on the temporary suspension of the rules in their meeting last February 17.  Read more... (388 words, estimated 1:33 mins reading time)

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Daily Market Notes January 6, 2010

January 6, 2010 By dragon 1 Comment

PSEi  3,039.93         UP     11.47
value php 2,378,812,215.00

DOW    11.94 -0.11% 10,572.02
NASDAQ 0.29 +0.01% 2,308.71
S&P 500 3.53 +0.31% 1,136.52

After a fantabulous opening day, Wall Street corrects on the second day and recovers most of the red by the close.

Asia continues to trek higher, dragging our PSEi along with sustained NFB.

huge NFB came from these equities: BPI 131M, EDC 44M, FGEN 35M, URC 48M, SM 23M

AC 26M ALI 60M Turn NFS, not boding well for those second liner property stocks MEG FLI.

FGEN has one week (until Jan 14) for investors who held FGEN until ex-rights last year to pay for their rights or not.

URC was top bluechip gainer at 17, up 1.50 worth 3.70 gained psei points.  Read more... (239 words, estimated 57 secs reading time)

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Daily Market Notes December 8, 2009 Out for the Holidays?

December 8, 2009 By dragon Leave a Comment

PSEi    3,012.07         DOWN   34.56
value php   3,705,624,860.00

DOW     1.21 +0.01% 10,390.11
NASDAQ 4.74 -0.22%  2,189.61
S&P 500 2.73 -0.25%  1,103.25

Wall Street goes sideways.  Asia trades flat to slightly lower.

For the local market, we have dwindling value turnover continuing.  Without URC's 1.1 Billion pesos worth of crosses, our market traded only 2.7B, giving an impression that investors' appetite for risk has taken a sideline and are now resting for the Christmas season.

Only 4 index stocks gained, albeit slightly: EDC URC MWC AEV.  About half were losers led by MER AC SM ALI BDO.

MER's 12 peso drop to 202 (breakdown of 210 support) was done on aggressive 76m net foreign selling, which didn't bode too well for FPH 50, FGEN 16.25, BPC 3.45 (but force closed to 3.55).  Read more... (256 words, estimated 1:01 mins reading time)

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Daily Market Notes November 25, 2009

November 25, 2009 By dragon Leave a Comment

PSEi    3,064.30         DOWN   10.36
value php      2,987,361,500.00

DOW    17.24 -0.16% 10,433.71
NASDAQ 6.83 -0.31% 2,169.18
S&P 500 0.59 -0.05% 1,105.65

Stocks ended a volatile session with modest losses Tuesday, as the Fed's improved outlook and some signs of improvement in housing tempered a weaker revision on economic growth released in the morning. -cnnfn.com

Gold hits a high of $1171 and only PX is "Affected" amongst our local mines.  PX movement to 19.25 is actually caused by speculation of Ongpin/MVP related acquisition news.  LC/B, on the other hand, tried to rally to .023/.026 on anticipation of any possible fruitful deal with MVP.  They left MA/B behind at .023.

Index gainers were few: ICT PX EDC MBT LC ., about 1/3 unchanged, and slightly over 1/3 were losers.    Read more... (246 words, estimated 59 secs reading time)

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Longneck’s UCC’s (Useful Chit-Chats) Nov 24 ’09

November 24, 2009 By longneck Leave a Comment

DOW’s 100pt rise last night was greeted by a muted response as although our index psei did end up gaining 26pts, market breadth was not as positive as one might have expected.

Leading the way was TEL’s P55.00 rise to P2,600 translating to 16 gained PSEi pts. This alone accounts for more than half of that 26pts. Not to be outdone, PX rise to P19.00 also gave 5 pts.

Banking except for BPI were all marginally lower to unchanged, though positive foreign fund flow into the sector is still quite visible and evident.  Read more... (395 words, estimated 1:35 mins reading time)

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Daily Market Notes November 24, 2009

November 24, 2009 By dragon Leave a Comment

PSEi   3,074.66         UP     26.66
value php       4,220,691,731.40

DOW    132.79 +1.29% 10,450.95
NASDAQ 29.97 +1.40% 2,176.01
S&P 500 14.86 +1.36% 1,106.24

Wall Street surges to fresh 52 week highs  on a strong housing report and a rally in commodities, plus weaker dollar.  Asia did not seem to bite today as they already had some semblance of a rally yesterday.

I say they not we, because as usual, the PSEi takes on an oblivious indifference to general sentiments today.  This is largely due to TEL's sole performance at 2600, carrying the market higher by 16 points and never budged from that dunce corner or principal's office.

That other leader PX surprises with a continued return to 19, also contributing 6.5 gained psei points.  Breadth of gainers were not that good but the usual 1/3 of the other gainers more or less contributed one fluctuation each.    Read more... (296 words, estimated 1:11 mins reading time)

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Longneck’s UCC’s (Useful Chit-Chats) Nov 23 ’09

November 23, 2009 By longneck Leave a Comment

Today market was down 20pts , now largely attributed to MER’s correction. MER’s descent costed 9 PSEi lost pts.  To be honest, I didn’t see this one coming, and may have called the eventual break-out wrongly for the moment. Consolidation below its P232 recent high could be in the works.

PX led the way for mining issues, and previously oversold NIhao which I pegged support at P5.80 the other day bounced like an angry cat. This ‘bounce’ hopefully could take us to P8.00 for recent NIpits to decide whether to call it quits or call it knits.

CPM was also higher to P5.80 … I-Remit also a gainer today, and could now re-test that previous P7.00 high …  Read more... (276 words, estimated 1:06 mins reading time)

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Daily Market Notes October 12, 2009

October 12, 2009 By dragon Leave a Comment

PSEi                 2,930.97         DOWN   11.81
value php               2,246,922,315.00

DOW      78.07 +0.79% 9,864.94
NASDAQ 15.35 +0.72% 2,139.28
S&P 500   6.01 +0.56% 1,071.49

Our local market that was up 20 could not hold to its gains as TEL and the property sector were sold down.  The weak sentiment was probably due to the extensive damages wrought by successive rainfall from Ondoy and Pepeng which may affect borrowing, harvest, crops, inflation, GDP, and deficit.

Expect support to be at pivot point of 2900, which was once resistance now turned support.  Much of asia manage to capitalize on American Equities' gains last weekend.  Read more... (292 words, estimated 1:10 mins reading time)

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