A bounce from IS?

It seems 0.53 acted as a strong support and was tested thrice. Last candlestick seen last Friday (12-05-2014) closed above the resistance (0.60) which is a good sign that the bulls are back.

Current resistance is 0.64 then 0.68

Observe the RSI (48), there's a bounce from its trend line.

Market Talk (ALI, SMC, AC, AEV, MCP)

Property: ALI reports brisk sales from Cavite project. In a press briefing yesterday Ayala Land Inc (ALI-BUY) reported its project The Courtyards launched last June has already posted sales of PHP3b out of a potential total PHP4b. This project is a high-end residential development under Ayala Land Premier in Dasmariñas, Cavite. There are 431 lots available in its first phase with a lot areas ranging between 470 to 1,947 sqm selling at a price of PHP25,000 to PHP40,800 per sqm.

Infrastructure: Government sets Calax floor price at PHP20.1b. The Department of Public Works and Highways said the floor price for the deal to build and operate the Cavite-Laguna Expressway (Calax) is at PHP20b which is the premium in San Miguel Corp’s (SMC-Not Rated) disqualified bid in the previous auction. The winning bidders in the previous auction, Team Orion composed of Ayala Corp (AC-BUY) and Aboitiz Equity Ventures Inc (AEV-SELL), have declared they will not participate in the rebidding.

Gaming: City of Dreams Manila to soft open on 14 Dec. We understand that Melco Crown (Philippines) Resorts Corporation. (MCP-Not Rated) plans to conduct a soft opening for its City of Dreams Manila integrated resort on 14 Dec, which will be followed by a grand opening in Feb 2015. COD Manila will be operating with a limited number of gaming tables and slot machines in Dec. Previously, the plan was not to have a soft opening and have a grand opening in 2H14. 

-Maketrade