Philippine Stock Market Commentary as of February 24, 2010
After efforts to stay above 3,000, the Phisix fell to 2,981 on Wednesday. After days of registering net foreign buying, net foreign selling occurred for the first time. Volume is also observed to be thinning out since February 5, 2010, the first hammer we saw that signaled the February run-up to the level the Phisix is in now. There may still be some correction following the DJIA, and immediate support is seen at 2,930. We are still comfortable to HOLD on present levels and recommend this as a Buying Window for those who have not entered the market.
Net Foreign Buying:
PHP197 mn as of February 22, 2010
PHP106 mn as of February 23, 2010
Net Foreign Selling:
PHP69mn as of February 24, 2010
Pymwymi Fund Performance
The Pymwymi Fund is up 1.4%, while the Phisix is up 0.7% since our BUY call last January 28, 2010.
MyRA (My Research Assistant)
We would like to announce that MyRA is now being marketed globally by our partner, Research and Markets. MyRA is our customized Research Service covering the Philippine Stock Market. It specially caters to investment funds, stock brokerages and firms without Philippine equities research and presence in the Philippines. MyRA provides a variety of services and reports to its few selected subscribers. More importantly, MyRA determines its subscribers’ short term-trading and long term-buy-and-hold stock picks to outperform the Phisix just like the Pymwymi Fund. For more info, please click on the provided Research and Markets link and also view our MyRA page. Thank you.