Philippines was the first one to see All Time High or let us say a new 52 week high. Rally within PSE started with the telecoms gaining 15-30% in just few weeks, due to current merging news of TEL and DGTL that affects the pricing/earning of its Tender Offer. Next sector that boosted PSE was banking stocks, making BDO, MBT reach back near its 52 week highs, and UBP having all time high as well. Property Sector did follow with only with half the strength of the Super Ayala's (MWC, AC, GLO), that went a super parabolic spike for 10-20% in just 3 days.
Technically speaking, PSE is on a very overbought region that hit RSI-75. We may assume this is the short term peak for PSE, and may take a breather before any rally resume.
Correction targets 4430 and then 4200. And has no plans to buy overvalued Top30 Stocks. Buy individual underperforming stocks which are below 10x P/E ratio.
** LC had formed a triple peak resistance and need Billions to manipulate this to the upside. - I hate this stock with so much hype in it. May be a candidate for GEO-like mining stock that went busted over years.
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