After going as high as 0.98 earlier this week, ICTV (-21.69%) is now at 0.65. The postings were awfully thin on this stock, and value turnover was only 2.6-million Pesos. Whoever spiked the stock to its 52-week high may have gotten ahead of themselves. Maybe they bought on the Huawei-Next Mobile news (http://www.gmanews.tv/story/231629/technology/pinoy-tech-firm-taps-huawei-for-network-roll-out).
I don’t know about you, but this seems very preliminary at this point. Also, if you are wondering about the people behind Information Capital Technology Ventures, Inc., just take a look at their Company website (http://www.ictv.ph/Home).
ORE (+10.89%) was an interesting winner today. The spike came out of nowhere as the stock had been trending down in recent days. It will be interesting to see what it does at its 5-Peso resistance level. News reports claim “Oriental Peninsula was able to secure investments for three projects involving hydropower, coal, and nickel off-take with Yun Feng, a company which owns and controls automotive companies and parts suppliers in China.” (http://business.inquirer.net/17327/14-b-investments-in-mining-eyed-from-china-within-the-next-5-years)
DIZ (+20.94%) ended up at 12.94, despite easing off its 52-week high of 13.54 Pesos which it hit intra-day. 52-week highs are generally good from a trend-trader’s perspective. But there will always be stocks that trend poorly. DIZ tends to collapse after trading days like this. But who knows if this time will be different?
AGP (+50%) needs no introduction. It went limit up, but I haven’t heard anything beyond the previous old news on this company (http://www.abs-cbnnews.com/business/06/21/11/agp-industrial-hiking-capital-p2b).
VUL (-8.51%) was down on news of its MOU with China Trend. Officers of Vulcan are hopeful the MOU will progress to an MOA after due diligence by the potential joint venture partner (http://www.mb.com.ph/articles/333553/china-trend-vulcan-indl-sign-mou-possible-mining-jv).
Finally, the famous BHI (-11.36%) broke down a few potential short-term support levels. There was some strong buying towards the end of trading, preventing it from closing at its intra-day low of 0.38. This stock has made so many punters alternately happy and unhappy the past 3 months. I found a piece of news that tried to explain BHI’s slide yesterday to 0.44 (http://www.manilastandardtoday.com/insideBusiness.htm?f=2011/september/8/business5.isx&d=2011/september/8). The Company website also looks interesting and has tidbits of information (http://www.boulevardholdings.com/about.do?id=2045).
Bottomline: The 4,300 PSEi support level has held. Chinese companies are giving investment and business opportunities here another look thanks to PNOY’s recent trip. The PSEi appears to be ranging roughly between 4,300 and 4,400 right now.
PSEi 4,356.73. Still no equities for me right now. I’m waiting for better broad market sentiment.