What's hot and what's not? Mining and SMC. The Index was down big today, 1.15% and i guess we're lucky SMC is not a part of the index. A disclosure was released earlier that PX bought a 5% stake in LC at .66/share. I think MVP would be gunning for more of LC later on. LC went up by 4.34% to close at .72/share. I read a part of the interview done on ANC with Ramon Ang of San Miguel and personally, i didn't like the way he answered the questions especially it's coming from one of the Biggies of San Miguel. Here's a part of the interview:
V: I’ll just go back to what you said in the past, that the offer price would be between P250...
A: 'Yun ang valuation, valuation na ginawa ng mga financial advisers is the share price valuation is about P200 to P250 per share. Kanya lang kami po sa San Miguel, gusto namin kung magbenta kami ng shares hindi po bababa kundi po, tataas para kumita ang mga kababayan natin
So why would he announce such a thing during that time and then impose a trading halt when the price started to descend? Instead of being able to cut loss slowly, a lot got stuck and then today, the price even dipped to 105 level. Now i think we all know how this company treat the small investors.
Full details here: http://www.abs-cbnnews.com/business/05/05/11/ang-san-miguels-share-sale-market-price-debts
PSEi Daily: -1.15%
My Portfolio DailyPerf: 0.26%
Daytraded some PX, bought at 17.1 - sold at 17.64
Bought MPI at 3.51
Added some more LC today at .70 and .72
My Portfolio:
EDC: 9.66%
MBT: 9.59%
LC: 13.89%
MPI: 0.57%
YTD: -5.19%
2011 Low: -17.2%
My2010Perf: 49.09%
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