Not too bad a day
Given the large drop in U.S. indeces, I think ours did ok. Trading ended today with the PSEi down by 54.72 points with total trade value at only the Php2.6B mark. Not much of a sell off. That tells me that there was a hopeful sentiment in the market amidst all the pessimism generated abroad.
It wasn't all bad as 26 stocks gained, 75 declined and 42 remained unchanged.
PSEi general outlook still good
Citisec, my favorite online trading company, told the inquirer today that their target for the year end is our index at 4200. It was initially targeted to be at that level by July. That means the outlook for the year is still good. But for someone like me, who feels like he's holding on to a battered portfolio, that seems like an awfully long way off. Nonetheless, considering the outlook of foreign markets, the prospect of positive growth for ours is enough to keep me from complaining.
Gas rates to go down!
The big three are to bring gas rates down by P.50. Much thanks, I believe, to the rising Philippine Peso.
Calling domestic heroes
We're supposed to hear a lot of corporate news this year about their performance. Where is that market moving news? Will we hear corporate news that will drive our market up? I've heard some news come out, and they've mostly been good. Profits, profits, profits. It seems more like a question of "how much?" rather than a question of whether there was any. The worst news I've heard so far isn't really bad at all. Some have reported profits lower than projected. But I have yet to hear about any major company that has profits lower than last year or that has negative income.
Some more recent notable earnings reports
Philex, a heavy favorite among mining companies, reported a 63% increase in profit. (PX closed today at Php9/sh up from Php8.80/sh yesterday)
RCBC, reported a 56% increase in net income. (RCB closed today @ Php18, unchanged from yesterday)
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