The PSE index – 1 August 2011
Asian stocks rose as President Obama sealed the deal to avert national default, raised federal debt limit and cut spending.
The Philippine Stock Exchange index, as I expected, closed on a new record high at 4,550.53 points (+46.90 points or +1.04%). Market breadth was positive with 109 gainer stocks vs. 39 losers, while 38 stocks were unchanged. The Mining & Oil sector dominated at 2.41% increase. I’m optimistic that the upswing will continue tomorrow.
Philippine Mining Companies Did it Again
Mining companies namely, Manila Mining, MA +10% and MAB 8.20%, Nickel Asia, NIKL 4.37%, Oriental Peninsula, ORE +3.52%, as always, they performed very well on today’s trading.
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WPI and WIN Raised the Roof
Waterfront Philippines Inc, WPI, and sister company Wellex Industries Inc, WIN, hit the ceiling at 50% and 49.43% respectively, on rumors (not again?!) that Puregold, a grocery chain, will do a backdoor listing via WPI this November. Regardless of the rumors, If you bought these today, prepare to sell them tomorrow at the opening. Like I always say on my previous posts, newbie traders, stay out trading these penny/basura/3rd liner stocks, rather, invest your funds on index stocks, eg. mining or property stocks.
Good luck and enjoy trading!