-37.93 for the PSEi isn't bad

I was surprised to see that the PSEi fell only 37.93 points today. Wall street plus major asian markets were reacting by making record drops in response to the the failure of the U.S. Congress to pass the law enabling the bailout.

I'm of the opinion that Philippine companies are sufficiently decoupled from America from a fundamental standpoint. Yet, our market reacts to the U.S. market and often tracks its movement absent any major local event.

Could this mean that buying behavior in the Philippine market is now less influenced by the U.S. market?

I'm more willing to speculate that local stocks are just way oversold and really "cheap" compared to their true value. If I had the money to spare, I'd be buying Philippine stocks left and right.

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