Philippine Stock Market Commentary as of February 19, 2010
After going up for six days, the Phisix corrected on Thursday and Friday just below the 3,000 level. With earnings announcements ongoing and dividend season upcoming on the second quarter, medium term investors can take advantage of this correction to position themselves in the market. Net foreign buying has been positive during these two days, and indicators are still at low levels favorable for another possible run-up. We maintain our recommendations.
Net Foreign Buying:
PHP277 mn on February 18, 2010
PHP173 mn on February 19, 2010
Pymwymi Fund Performance
The Pymwymi Fund is up 2%, while the Phisix is down 0.6% since our BUY call last January 28, 2010.