If you’ve been closely monitoring the stock market or at least always watching the news on TV, most likely, you already know of the good news. And what’s the good news? Our Philippine Stock Market index just set a new record high in 2 days. From 4,421.75 set last Monday, it was then again breached by another record high yesterday (July 5) at 4,439.61.
Here’s an excerpt from bworldonline.com
The Philippine Stock Exchange index (PSEi) jumped by 0.41% or 18.05 points to 4,439.61 yesterday, surpassing the previous record of 4,421.75 set only last Monday.
The broader all-share index also climbed by 0.30% or 9.25 points to 3,078.48.
“Fueled by the momentum of the previous session, the market jumped off the opening bell before profit takers pounced on the added advance, narrowing the day’s gains,” said Justino B. Calaycay, Jr., analyst at Accord Capital Equities Corp., in a market note yesterday.
AB Capital Securities, Inc. analyst Prince Anthony A. Yeung agreed, saying in a separate market note: “With US markets closed, investors retained the optimism from [Monday’s] session and pushed the market higher.”
[ad#content336]I’m sure some of my friends (those who are invested in stocks) are rejoicing as most of their portfolio have already turned from negative to positive. And that includes me, of course. So far, the market is up by around 5-6% since January 2011. The last time I checked on my portfolio, it was up by around 7%. Not bad.
Same story goes for Mutual funds. Most mutual funds are now up by around 3.9% to 6.68% Year to date returns. I hope the trend continues to go up. But, just the same, I’d be much happier if I’d be able to buy more on dips and consolidation.