Stock investors are celebrating today because PSEi (Philippine Stock Exchange index), the local market barometer, posted a new high for 2014 despite August being a “ghost month”. It peaked at 7,130.98, and then closed at an impressive 13.74 points gain of 7,096.49.
At the beginning of this year COL Financial forecasted that PSEi might hit 6,900 for 2014. That indeed has happened and much more; It has already crossed the 7k level in August.
Is it going to sustain and break 7,200? Or PSEi will pull back in the coming days as investors and traders start profit taking.
Unfortunately starting tomorrow it is a long weekend in the Philippines (21st Aug is Ninoy Aquino Day while 25th Aug is National Heroes Day). Thus we have to wait until Tuesday to see what will happen.
The PSE continues to be one of the top performing markets in the region, with the PSEi up almost 20 percent year-to-date – according to PSE website.
If you are considering to invest in the Stock Market but do not know how. Click for COL Financial New to Investing section or attend seminars to get you started like this one