17 November 2011

PSEi 4,334.66. -6.96 points. -0.16%.

Stock markets were divergent over the past 24 hours. While European and Asian markets were mostly flat, the Dow shed 1.58% to close at 11,905.60. This came amidst fears of European contagion risk causing further deterioration of bank finances in the U.S.

http://www.bloomberg.com/news/2011-11-16/banks-in-u-s-facing-serious-risk-on-contagion-from-europe-fitch-says.html

On the local front, ICT, SMC and URC have been rallying lately on news of their inclusion in the MSCI Philippines Index.

http://www.businessweek.com/news/2011-11-16/philippine-stocks-international-container-universal-robina.html

Finally, no sooner had Tsupitero.com invoked the name of Lolo than his namesake stocks (LoloCoaster and LoloCoaster B) suddenly nudged higher (+6.98% and +6.34% respectively). Ah the good old days. These two trended up well earlier this year, giving a variety of traders the chance to make good money (Until the time Uncle Gus pulled the plug, of course. What a demonstration of institutional trading power that was!).

SLI, one of the stocks on the radar lately at Spyfrat’s Call, was up 8.11% and 10th top traded. Was that the bottom or a dead cat bounce?

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