It was a very mixed trading day with gains in TEL, FGEN, ICT, AP, MBT and SMC. Losses were pronounced on a number of former tsupitero favorites. AGP (-11.56%), LC (-11.33%) BHI (-10.2%) LCB (9.32%), CPM (-9.22%), ZHI (-8.86%), MIC (-8.72%), and WPI (-8.16%) all declined significantly. LC was top traded and had extremely high value turnover of 1.042 billion Pesos.
The 4,300 support level held today and the index now stands at 4,315.21.
Over the weekend, a trader told me, “Once the ladies who look like housewives start talking about stocks sa elevator ng Tower One… Takbo na. Pabagsak na yan.” Interestingly, the ladies were talking about LC. I hadn’t given the trader’s story much thought, until today.