The PSEi closed about 40 points lower.
Saturday, October 4, 2008
Thursday, October 2, 2008
+43.24 for the PSEi
The PSEi went up to 2,612.89 points, jumping 43.24 points. U.S. markets closed rather flat. The dow was still below 11,000. We're doing considerably better over here.
Nonetheless, I still think Philippine Stocks remain undervalued by the market. I'm really itching to buy more while prices remain rather low.
N.B. Whilst everyone is busy being fearful about their money, and others are busy looking to be rescued, Warren Buffet is out shopping. He just bought about $3B in value of GE's shares plus an option to acquire more.
"Be fearful when everyone is greedy, be greedy when everyone is fearful."
-Warren Buffet
more foreign buying
A couple of months ago, Ron Nathan of the Inquirer noted that for as long as foreign buying is negative, we aren't really going to see a bull market.
Now the foreign buying might be back in the green. Even while the global markets were falling at record levels for a single day last tuesday, the PSEi shaved only a little over thirty points. On that day, we saw net foreign buying.
The PSE is among the top performing markets in Asia. Considering how troubled the U.S. markets are, we seem to have a really nice alternative back home and the world may finally be taking notice.
Now the foreign buying might be back in the green. Even while the global markets were falling at record levels for a single day last tuesday, the PSEi shaved only a little over thirty points. On that day, we saw net foreign buying.
The PSE is among the top performing markets in Asia. Considering how troubled the U.S. markets are, we seem to have a really nice alternative back home and the world may finally be taking notice.
Tuesday, September 30, 2008
-37.93 for the PSEi isn't bad
I was surprised to see that the PSEi fell only 37.93 points today. Wall street plus major asian markets were reacting by making record drops in response to the the failure of the U.S. Congress to pass the law enabling the bailout.
I'm of the opinion that Philippine companies are sufficiently decoupled from America from a fundamental standpoint. Yet, our market reacts to the U.S. market and often tracks its movement absent any major local event.
Could this mean that buying behavior in the Philippine market is now less influenced by the U.S. market?
I'm more willing to speculate that local stocks are just way oversold and really "cheap" compared to their true value. If I had the money to spare, I'd be buying Philippine stocks left and right.
I'm of the opinion that Philippine companies are sufficiently decoupled from America from a fundamental standpoint. Yet, our market reacts to the U.S. market and often tracks its movement absent any major local event.
Could this mean that buying behavior in the Philippine market is now less influenced by the U.S. market?
I'm more willing to speculate that local stocks are just way oversold and really "cheap" compared to their true value. If I had the money to spare, I'd be buying Philippine stocks left and right.
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