Philippine Stock Market Commentary for February 9, 2010
We’re back in 3Q09 levels, and indicators are at 12-month lows. The Phisix and DJIA still have rough seas to sail in the coming trading days due to fears of another economic contagion stemming from Europe. This development thwarted a possible run-up late January as the Phisix and DJIA have been down mostly during that month. A decision has to be made whether to sell on strength and momentarily cut losses. These fears have been pulling the markets down in almost two weeks already. The opportunity to sell may be on Thursday as the Phisix has always had technical bounces on this day since the start of the year. If the decision is to hold, we may be trading in the 2,700 level (3Q09 levels) for the rest of the month until a clearer pattern is seen.
Pymwymi Fund Performance
The Pymwymi Fund is down 3.4%, while the Phisix is down 5.5% since our BUY call last January 28, 2010.
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