September 30, 2013
Phase: Broken Support
Monthend Window Dressing mode
PSEI 6,400 and 6,200 Support break
US budget battle and debt ceiling debate issues
SMC to sell MER shares to JGS
Despite the monthend window dressing, Philippine market went down hard today due to continued worried on US Budget and debt ceiling debate issues leading to 2 of our index’s support line to break.
with PSEI 6,400 and 6,200 strong support lines broken where could our market lead to?
at anyrate, lets just hope that things may get better tomorrow, else it might send our market back to the downtrend
on corporate news
MER holders rejoices as SMC sell their share at 270 to JGS Holdings.
Usually price of the company to be acquired pushes higher to the buying price while the acquirer goes down before the acquisition happens and then reverses afterwards
PGOLD is planning to open 25 stores in the next 5 years
most of which are under their expansion program in Mindanao.