Lower than expected GDP growth in the third quarter pulled local share prices lower on Tuesday, its ninth in the last ten trading sessions, as investors reduced holdings and took profits from select blue-chip gainers. The PSEi main index fell 16.84 points, or 0.39% lower from Monday, to close at 4,211.04 on robust trading volume.

Megaworld Corp. (MEG) said it will invest up to PhP7.0bn for the development of a 550 hectare area within the Clark Freeport Zone in Pampanga. The real estate giant plans to put up office, commercial, retail, leisure and entertainment establishments, including areas for local and foreign business-process outsourcing (BPO) companies. Its initial project in Clark will involve the development of a 35-hectare area. Buy on weakness.

Filinvest Development Corp. (FDC) will move its planned share offering to 2012 as it waits for better investment climate. Its follow-on offering was delayed several times this year due to the volatility of global and domestic markets. FDC hopes to raise capital to fund its diversification and at the same time lift its float requirement above the minimum 10% level. Long-term Buy.

Energy Development Corp. (EDC) and Aboitiz Power Corp.(AP) are possible power providers to up to 21 electric cooperatives in Mindanao. The Association of Mindanao Rural Electric Power Cooperatives Power Supply Aggregation Group are looking for bidders to supply 300 Megawatts of power to theses cooperatives. Due to the lack of new investments, the Mindanao region is facing a power supply shortage by 2014. Long-term Buy for EDC and AP.

Cirtek Holdings Philippines Corporation (CHIPS) or CIRTEK is an independent complete solution provider for subcontract manufacturing of semiconductor devices.  The Company provides turnkey solutions that include package design and development, wafer probing, wafer back grinding, assembly and packaging, final testing of semiconductor devices, and delivery and shipment to its customers’ end users.

Despite dismal market conditions, Cirtek shares jumped 13.57 percent yesterday to close at P7.95 each, outperforming the main blue-chip index, which fell 0.7 percent on the same day. The shares opened the day at P7.90 last November 18, reaching an intra-day high of P8.27 and a low of P7.81.

For my bet on CHIPS IPO last month, I'm still optimistic that it would post reversal uptrend when whole market will surge. However, I'm only giving them 'till this month since lot of blue chips are now on correction mode that also show good position to move high like EDC's.

PSE index performace as of Dec. 01, 2011.
Good Luck and God Bless fellow traders.