Market Correction, Rolando Mendoza And the ALI Super Sale

Yesterday's tourist bus hostage taking crisis brought about by former police Sr. Inspector Rolando Mendoza, has put the Philippines into the limelight on World News.  It is on a sad note that the situation ended into a tragedy.up:gucci bags

The market closed 82.74 points lower from last time,  a change of -2.29%.  Market consolidation had been expected this week due to having stocks on already overbought conditions.  Alongside with the recent bad news that had happened in the Philippines, most investors either sold down their shares or just took hold, bringing down most stocks into the red.  Market was down 36 points so far...

The big drop came from an unexpected move from broker ATR Kim Eng.  At around 11:54 pm, just minutes away to closing, ALI was still selling @16.08 when suddenly ATR began unloading @14!  1.4 Million shares of ALI had been sold during the pre-close period, an uneventful 15.25% loss for ALI shareholders.  Since ALI is included in the index, this brought about the remaining 40+ points down on PSEi.

The mystery behind this sale is that ALI is a well-performing stock, why sell at a loss?  Fundamentals are strong for most of the property stocks, it is expected that ALI would regain back to the top.  Lucky then for those who were able to buy at such a bargain.

One major theory on this sale is that it was a boo-boo on ATR's part.  With the new PSE trading system, the trader might have pushed the wrong buttons.  Instead of posting a buy, they posted a sale instead.  A costly mistake if ever it was true.

It's a good thing I have already sold my ALI after holding it for a month.  What worries me a bit is on ATR since I have a Mutual Fund (Equity) account with them.  And so I wonder, what the real story is behind the sale.