PSEi 4,296.05. -50.02 points, -1.15% for the day.
I heard LC (-4.93%) and BHI (+1.19%) really roasted a lot of tsupitero portfolios last week. If true, look for tsupitero-type buying and selling to be muted. Anti-tsupitero traders may find slimmer pickings in the near-term if they’ve induced enough financial pain after the latest round of trading.
Trading volumes were thin today, with only 5 stocks breaking the 100-million Peso value turnover barrier. Trader targets JFC (-4.18%) and SMPH (-2.5%) were down for the day. Today’s big story was Philex Petroleum Corp., or PXP (+616.67%). From an opening price of 3 Pesos, PXP flew as high as 13 Pesos before settling to close at 8.6. A hefty gain indeed.
The PSEi short-term support has held again, at least for today. Tomorrow figures to be a stern test. In general, I believe local equities are still an Avoid. Cash is king.