A daily (more or less) update on the Philippine Stock Exchange by John Mangun
Thursday, August 19, 1999
We have a whole different ballgame after todays rally. It looks like the movement on Tuesday was a big trap as the foreigners have come in very strongly on the buying side. The close today above 2150 puts us back in a rally mode. Now the next objective is 2225 2250. Tomorrows trading could be quite interesting with the protest rally, a potential that the government will release the second quarter economic numbers, and any surprises on the political front. I am sure that there are some fascinating conversations going on in the background.
Several stocks that look good for short-term profits are:
Mondragon (MON) I would NOT hold this for the longer term but it may be a good trading stock.
MERALCO B (MERB) what a sweetheart this has been as long as you trade the cycle.
Waterfront (WPI) technically in line for a rally above recent highs.
Megaworld (MEG) not for the faint of heart but certainly room for more along with its sister, Empire East (ELI)
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