Philippine Stock Market Commentary as of March 8, 2010
The PSEi is set to test the 3,100 level, while the DJIA has a small bullish pattern (commencing January 22, 2010 to March 5, 2010) and is set to test the 11,000 level this week. Though foreign buying is strong today, we decide on a HOLD from any renewed buying as the PSEi will face an immediate triple-top at 3,130. There is also less upside seen as indicators are above mid-levels. Our decision is to preserve previous gains and wait for a better Buying Window with bigger upside. HOLD.
Net Foreign Selling:
PHP59 mn on March 4, 2010
Net Foreign Buying:
PHP96 mn on March 5, 2010
PHP464 mn on March 8, 2010
Pymwymi Fund Performance
The Pymwymi Fund is up 2.8% for 2010. We shall reinvest the total Pymwymi Fund in our next Buying Opportunity.