12 October 2011

PSEi 4,119.71. +10.44 points. +0.25%.

The index went nowhere. Total turnover further thinned to 3.25-billion Pesos, but the trading day was far from boring.

Top traded MPI gained 5.42% to close at 3.11 Pesos. Traders felt optimistic following Metro Pacific’s continued interest in infrastructure projects. Chairman Manny Pangilinan also made known MPIC’s interest in buying government hospitals, should they be privatized. 268-million Pesos worth of shares changed hands.

7th most actively traded was BHI. Taken together, yesterday plus today’s candle chart lines look like a cross between a “Bullish Piercing Pattern” and a “Bullish Counterattack Line”. Japanese chartists call this a “Thrusting Pattern”, a moderate reversal signal.

The mid-point between yesterday’s BHI open and close is 0.2545. Today’s close was 0.216. Without breaking the mid-point line, this means this bullish reversal signal is not-so-potent. Expect resistance and trade carefully, tsupiteros.

Two traders caught my attention today. Philippine Equity bought 10-million shares at 0.171 and did not sell any. Value Quest bought and sold 18.78-million shares for a tsupita gain of 160,270 Pesos. These guys are good.

Finally, PNB appears to be nearing its long-awaited merger with Allied Bank. The latest news on Allied Bank’s indirect stake in Oceanic Bank sent PNB shares 6.91% higher, closing at 51.8 Pesos. 104.57-million Pesos worth of shares changed hands.

Now, back to Europe…

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