The Philippine benchmark index (PSEi) closed at 4,822 gaining 106.22 points or 2.26%. An all-time high today for the said index. Trade value for the day reached Php17.8B with Holding firms leading the day's gain at 3.69%. Top three actively traded stocks are SM (Php8B, +8.23%), MBT (Php671M, +2.66%), and MPI (Php524M, Unchanged). There were almost 2 gainers for each that decline and unchanged. Among the gainers, MJIC(MJC Investments) reached its ceiling price for the day closing at 50% gain.
The market was full of optimism today as it surged all throughout the day and minutes before the close breached the 4,800 mark. PSE has been up for a third straight day now after it slumped last week to 4,611.68. It seems like the index has found its support already now making new highs, left and right stocks go up that up to a point that almost anything you buy will rise. I bet it will be in the news tonight that our index has hit another all-time high. My question now to myself, since we are just making new all time highs, how soon will we reach the peak of this? Are we going too fast? Or we are just really lagged from last years corporate and economic performance?
Psychologically speaking, it really makes me anxious every time I hear or read about people hyping up the bull market. Just watch out for short-term profit taking as I am not really comfortable how people are so happy and complacent that our market will push further. Not that I'm still bearish, but I'm not just that comfortable how people take it. I just hope the people that I see or hear are not the same with the majority of the market. Anyway, my portfolio did quite well today; we'll see if it'll survive once the market starts to pullback down.
By the way, a nice qoute that I thought about yesterday I think this is worth sharing:
"Trading is actually just taking advantage of other people's mistakes."