Wednesday, January 25, 2012

PSE Update: January 25, 2012

Another sell-off happened at the stock exchange today, once again bears prevailed for the second time this week. The Philippine bench mark index (PSEi) closed almost 0.93% down to 4,670.49. Cross-over value today was at Php4.9B thinner from yesterday's activity. Foreigners on the other hand, remained neutral and cautious as it only posted an insignificant net foreign buying of just Php31M. Given that the euro zone issues has once again showed its face, investors probably took the opportunity to take profits already.

Profit taking was lead by the Property and Service sector posting a 1.63% and 2.01% loss. MEG was leading the sell-off for the property sector, down by almost 5% with value of Php153M followed by GERI down by 4.66%. Even miners were not spared; NI one of the top losers suffered the same fate, down 4.53% from yesterday's close.

Overall, TEL - the highest weight in the index, the main reason why PSEi has gone down badly, down by 84 or 2.94% closed the day at Php2,776 per share.

No clear sign yet on what's going to happen next. Questions, speculations, debates spread that this might be just a correction or PSEi's peak atleast for the first half of the year. We have gone sideways and very volatile last year, are we going to experience it again? We'll see. Two more days until the week ends, so far the bears have won the battle.