Pullback

Profit taking day. Hopefully this will just be a shallow correction. PSEi went down by .6% today with the mining/oil sector dropping down by 3.85% lead by LC's decline by 10.45%. Foreign funds were net sellers today by as much 500M in value.

They sold the following:
PNB 17M,  AP 26M, FPH 20M, MPI 33M, CEB 52M, SCC 79M

But bought the following:
MBT 41M, EDC 30M, AGI 194M, DMC 85M, MEG 53M

Today's BIZNEWS:

• Henry Sy-led SMDC Q1 net profit up by 45% to P916.3m vs year ago; consolidated revenues up 70% to P3.4b

• Metro Pacific affiliate exercises option to swap P6.6b bonds into 2.03b new shares in MPIC, translating to a potential 10% dilution

• Alliance Food to conduct a stock rights offering to fund Spence&co purchase; trading suspended on PSE pending disclosure of addl info

*BizNews c/o D.Dumlao of PDI, PDI, Bworldonline, Philstar

MyDailyPerf: -1.75%

Sold all PX +4%, Added some LC

DMC: 22.13%
EDC: 7.77%
MBT: 10.43%
LC: -3.33%

YTD: -7.2%
2011 Low: -17.2%
My2010Perf: 49.09%