Gus Cosio says so

Ideas on the Philippine Stock Market

So hard for the money

10:30am  Thursday may 28, 2009   PSEi 2359.33

The regional markets are down except that Greater China is closed for dragon boat festival.  The market here opened soft and 2009 Q1 GDP came out at worse than expected at 0.4% growth.  Guess what? market is up 3 points as I write.

Are people in this market out of their minds?  Fear, greed or folly?  it is always good to do self examination every now and then.  Right now, the market is a cheap buy.  I noticed some bargain hunting in PNB as the stock traded to 20.50.  I certainly thought it was a bargain.  FPH seems to be resilient around 29; with the Meralco matter settled for the time being, Lopez companies may have weathered the storm already.  EDC is also holding up at 3.75 to 3.80.  I can’t help but think that there are other things afoot in these stocks.  The MEG and AGI twins have also recovered from a few days of consolidation.

I always say, you can’t argue with the market.  It has a life of its own.

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May 27, 2009 - Posted by | Financial markets in Asia

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