Read Larry Connors' blog – Short Term Trading Strategies
Two of the six counters climbed. Mining and oil shares retreated by 1.69 percent or 141 points to close at 8,164.66 despite crude prices going up by 0.14 percent or 0.11 U.S. dollar to settle at 78.82 U.S. dollars a barrel on Monday.
Meanwhile, holding firms and the financial sectors managed to defy the composite index after both went up by 0.83 percent to 1, 605.32 and 0.27 percent to 643.29, respectively.
Trading was within average where some 1.74 billion shares valuing 3.28 billion pesos (69.84 million U.S. dollars) were exchanged. Foreign investors continues to be net sellers at 152 million pesos (3.23 million U.S. dollars).
Market breadth was negative where a total of 73 stocks lost their value while 49 issues managed to climb and 54 were unchanged.
"Obviously, the local market's decline was because of the U.S. market. The more than a hundred point decline of the blue chip- heavy Dow Jones industrial for the second time prompted the sellers to come out of the local equities," Ignacio Soriano of local brokerage Papa Securities Corp. said in an interview.
The U.S. market further weakened on Monday with the Dow Jones industrial average slipping by 1.05 percent or 104.22 points to 9, 867.96. The Standard Poor's 500 index and tech-heavy the Nasdaq composite index also closed lower.
Soriano said if not of the Lopez-related issues that bucked the decline, the market might have lost more. The bellwether has already touched an intra-day low of 2,915.68 or 26 points down but managed to pick up during the latter part of the session.
Soriano said investors bought up First Philippine Holdings Corp. in anticipation for the cash that it will get from the sale of half of its 13.4 percent stake in Philippine's largest power distributor Manila Electric Co. (Meralco).
Shares of the holding company of one of Philippines' most influential businessman jumped by 4.3 percent to settle at 48.50 pesos (1.03 U.S. dollars).
Likewise, unit Energy Development Corp. added 2.43 percent to 4. 20 pesos (0.08 U.S. dollar) apiece after announcing on Monday that it will formally take over the 112.5-megawatt (MW) Tongonan and 192.5-MW Palinpinon geothermal power plants.
Stocks in the 30-company index closed mixed.
Heavyweight Philippine Long Distance Telephone Co. was down by 0.38 percent to 2,565 pesos (54.62 U.S. dollars), along with Meralco which tumbled by 4.43 percent to 194 pesos (4.13 U.S. dollars).
Philippines' largest property developer Ayala Land, Inc. on the other hand did not move at 11.50 pesos (0.24 U.S. dollar).
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
