First Metro Asset Management Inc


11:25am Wednesday 25 November 2009 Philippine Stock Exchange Index 3057.74

Over the weekend, I was fortunate to have been in a strategic planning presentation by a noted professor in entrepreneurship, Dr. Ed Morato who previously lectured at the Asian Institute of Management and now runs courses on entrepreneurship at the Ateneo Graduate School of Business. There were a few points that I took home from that 3-hour lecture. The first is that when one plans his strategy, he must be able to identify the underlying mega trends. Failing to do so would make success quite difficult. Read more


10:20 Wednesday 18 November 2009 Philippine Stock Exchange Index 3052.61 (+0.68%)

I just checked out how the market did today and it looks like PX is again on the road to higher prices. Mining stocks are just so much in fashion among international investors that one cannot be very objective on PX. PX is unique among Philippine mining stocks because it is very profitable, it has a long history of making money for its shareholders, it is the most credible mining stock in the PSE. I’m not denigrating the other mining stocks but none can stand at close ranks with PX and show as much luster. Read more


7:00am  Monday  16 November 2009  Philippine Stock Exchange Index  3034.32 Friday close(-1.28% from Thursday)

First of all, let me share in the exuberance of most Filipinos wherever they are in the victory of Manny Pacquiao.  I think the national psyche has once more been given a boost.  Congratulations, Manny.  You were truly a gentleman boxer and a true sportsman.

I’m trying to gauge the market mood this coming week.  Read more


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1:40pm  Thursday  12 November 2009  Philippine Stock Exchange Index  3073.93  (+0.88%)

Looking at what’s going on in markets worldwide, it is not surprising that we’re on a roll.  My view of U.S. stocks, for instance, is not as negative as what a lot of analysts think.  The view from many New York technicians is that there should be a much awaited correction.  This outlook arises from nothing more than an argument that because the S&P 500 is up around 60% from its March lows, then it should come down a bit.  Unfortunately, I do not share that view.  While I believe that no market just goes only one way, there should be fundamental reasons why rallies should reverse directions.  The earnings of 3Q09 in the U.S. and elsewhere had many positive surprises on account of the companies having derived a large proportion of their income from outside the U.S.  The consensus expectation for 4Q09 earnings is even better and would likely reflect positive earnings growth from 4Q08.  I think that investors should really be taking a global perspective. Read more


The local market was down 33 points for the week; that’s only a 1.1% decline for the week.  Of course, the market caught the jitters Thursday when an overnight decline of the DJIA by 120 points caused the PSEi to sell off by 46 points.  A 200 point recovery in the DJIA on the day they released a 3.5% rise in quarterly GDP brought about a strong recovery locally, a 47 point rise in the PSEi.  But on Friday, the Dow took back all the gains and more, declining 249%, erasing all its gains for the month.  This leaves me thinking about what the local investors are going to do. Read more

First Metro Asset Management Inc