PSEi monitored stocks update 1/07/09

JG Summit (PSE: JGS) – broke out from psycho resistance at 2-peso/share to close at peso:2.10/share (a 13% gain from yesterday’s close). chart indicates the key levet at 4+ is possible but still is a drolling target.

Energy Development Corp  (PSE: EDC) – it made a historical low of 1.82 pesos per share. previous “chart-polation” computation peg a 1.78 pesos/share or near that level as the stock’s low. I can now  see UBS Philippines smiling now as this was there pick before. EDC came under pressure and went into freefall (due to forex losses concern) when Yen was unstoppable on the last quarter of  2008. It butchered the US dollar last Dec 17 and made historical high at near 87. As USD strengthen against yen, it’s stock price rebounding. So far Yen is the biggest catalyst for EDC’s price action for now. EDC closed at 2.44 pesos per share today.

PEPSI Philippines (PSE: PIP) – no window dressing happened on the last trading day (dec 24) last yr. Fortunately, the “January effect”, well, took effect. PIP closed 0.93-peso/share today, up 6 cents from its 2008-end close of 0.87-peso/share.

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