Philippine Stock Market Commentary as of February 17, 2010
This early, we would like to announce that 3,300 is the major mark to break this year for that potential rally our past commentaries have been referring to to ensue. The correction late January to early February qualifies as a right shoulder for this bullish pattern we are referring to. During this time, investors had the leisure to accumulate at low levels following our January 28, 2010 BUY call. 3,300 is still a lot of trading days away with some healthy corrections seen along the way.
Following the DJIA, the Phisix has broken the 3,000 level today in convincing fashion, and there may be some follow through tomorrow as the Phisix has always been up on Thursday since the start of 2010. Net foreign buying bounced back from yesterday to PHP461 mn, the second highest amount since February 10, 2010. HOLD for those who have been with our BUY call last January 28, 2010. BUY on WEAKNESS for those who have yet to enter the market.
Pymwymi Fund Performance
The Pymwymi Fund is up 2.5%, while the Phisix is up 1.9% since our BUY call last January 28, 2010.