Philippine Stock Market Commentary for February 16, 2010
Monday and Tuesday are not black candles anymore with the run-up continuing from last week. The run-up may be sputtering though with the thinning of net foreign buying and indicators reaching near mid-one year levels. The Monday and Tuesday candlestick formations likewise show some indecisiveness already to break through the 3,000 level. We recommend a Buy on Weakness for those yet to enter the market, and for those who have been with us since the BUY recommendation, a HOLD is still advisable. Major Phisix stocks have yet to return from prices since our BUY last January 28, 2010 indicating that the market has not fully recovered from that date.
Net Foreign Buying:
PHP391 mn on Monday, February 15, 2010 and
PHP45 mn on Tuesday, February 16, 2010
Pymwymi Fund Performance
The Pymwymi Fund is up 1.1%, while the Phisix is down 0.2% since our BUY call last January 28, 2010.