Losers swept gainers in a bloody battle field that was the local stock market yesterday with a ratio of 7 is to 1 favoring the bears. Volume dropped below 1 billion shares as traders seemed unsure that the bottom was near. Sellers had a hard time looking for willing buyers to assume any position . All sub-indices were down across the board with our main average giving up 29.75 points closing at 1918.97. The range of the index during trading hours was between 1911 to 1931.

We shall see if our 1890 support would hold or be violated before this week ends. Foreigners were net selling while buying more TEL stocks despite a gloomy global telecommunication outlook. Hedging TEL against the weak market sentiment may be the only choice left for foreign funds as the peso continued to shed more losses even after discounting the fact that OFW remittances should bring relevant gains to our local currency.

Compared to the equity market performance around the globe, PSEi was relatively strong. It was the only index moving sideways in the face of a series of global selloffs during the past three days.