Market Skim Through: 17 September

The PSEi gained 0.66% yesterday to close at 6,344.14. Volume was Php10.07 billion. Foreign investors were net buyers at Php 1.34 billion. Steady foreign buying that is unexpected given the upcoming FEM meeting. The natural move was for them to be on the sidelines, but they might be moving already based on what they believe as the amount of tapering. I will still keep my minimum 30% cash position though.

TSI is the center of another sad case of people at Financemanila taking advantage of co-forumers. After a ceiling move, a press release was sent out detailing a rights price way lower than ceiling. This price was predicted by other bloggers, but FMS mainstays continued to hype TSI, one even saying that Emperador/TSI is a future blue chip. There are moneygrabbers in forums, that's a fact. This is now our own version of boiler rooms.  

Other observations: 

BPI is silently recovering (this was out of my radar the past few weeks). Will this go back to 100 PhP soon?

MBT was red, but not terribly red. It was being pushed up every time there's a threat to go below 85. This will be green tomorrow.

BDO now seems the laggard among the top 3 banks. This is still trading [relatively] sideways, will it surge up soon? 

ICT is another of the few stocks that already went back or exceeded its level during the heavenly days at 7300-7400. Investors probably believe the promise of ICT's expansion, operating ports in different parts of the globe. 

In everyone's mind of course is the QE tapering that should be announced early tomorrow. My bet is that any reduction in bond buying greater than 20 B is dangerous to us--another huge sell-off will happen. While any number below 10 B is expected/good; this uptrend/recovery should continue. Between 10B - 20B is a puzzle; we dont know if all the foreign funds will have a unanimous move at this range.