Philippine Stock Market Commentary for February 12, 2010
We haven’t called a Sell because of heavy net foreign buying since Tuesday, February 9, 2010. The Phisix was down that day, however, there was a run-up that occurred from Wednesday to Friday. Friday was even a gap up from Thursday’s close. This run-up has been overdue, and the real test for this will be this Monday and Tuesday as the Phisix has been down during those two days since January 18, 2010. If the run-up will not continue, 2,800 will be a good support level. At that level, net foreign buying was the heaviest at PHP724 mn. We think these levels are still buying opportunities for those seeking gains in the medium term.
Net Foreign Buying:
PHP345 mn on Tuesday, February 9, 2010
PHP724 mn on Wednesday, February 10, 2010
PHP124 mn on Thursday, February 11, 2010 and
PHP381 mn on Friday, February 12, 2010
Pymwymi Fund Performance
The Pymwymi Fund is down 0.2%, while the Phisix is down 0.4% since our BUY call last January 28, 2010.