Stock market report: November 2009By Randell Tiongson on December 1st, 2009
INDEX 3,000 in November. The index finally got over the hump, breaking the 3,000 index level last November 11.
Bitten by the Gold bugs. Rising gold prices was a also a positive catalyst as it reached $1,174/ ozt in November, helping PX reach P20/ share
Outperformers. Universal Robina Corp (URC up 20%) which is finally catching up with its book value of P15.50/ share.
Ayala Land (ALI up 20%) also attracted foreign buying after 3Q09 results showed recovery in residential revenues (which accounts for 42% of Operating Income).
Underperformers. Laggards for the month were Megaworld Corp (MEG dn 4%) and Energy Development Corp (EDC fell 3.6%).
Strategy. Global equities suffered a setback from Dubai World’s request for a “standstill” on debts worth $60 bn.
ADVICE: Better be waiting in the sidelines than brave a potential storm brewing.