The Philippine market local bourse marks a new high record as it breached the 4,000-mark before the market succumbs to a profit “killing” today, amidst the 9-day rally.
The PSE benchmark index hit 4,011 points early in today’s session before closing down 4.37 points or 0.1% at 3,968.29. President Noynoy, personally rang the opening bell in today’s trading floor and commented that the stock market performance can be attributed to a renewed investor’s confidence in the local economy.
All share index fell 2.48 points though, 0.1% or 2,472.80 points. But despite the decline, the market sentiments are positive as gainers beat losers at 68 to 81, while 36 we’re unchanged.
As we move closer to mid-week, expect that the market will be stabilizing around the 4,000 point mark, continuing this trend until around the months 3rd week before leveling down to the previous benchmark numbers.
If you miss this rally today, my recommendation is hold on trading your stocks (buy & sell) until the market stabilizes further towards the month’s end.
Finally today’s performance amounted to 8.88 Million pesos with a volume of 2.75 million moving on the trading floor.
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