24-24. Heads.
Well, today was the ex-date for Ayala Corp.’s 20% stock dividend, payable July 29, 2011. AC declined by 15.65% to close at 319 Pesos. Looks like it will be awhile before this chart is usable for trend-followers.
On the bright side, today’s trading was bullish. My token bets were in the green, so I’m happy. TA came out of nowhere to climb 11.43% on news of a joint venture with Ayala Corporation:
http://www.manilastandardtoday.com/insideBusiness.htm?f=2011/june/30/business4.isx&d=2011/june/30
A word on Greece, as the world may have momentarily dodged a financial bullet, I think this story ultimately ends in a Greek default. The Greeks are protesting violently. Do they want to pay additional taxes at all? Especially after being tear-gassed endlessly by riot police? If I were Greek, I probably would not be inclined to pay for the so-called “austerity measures.” In fact, there would probably be great incentive for me to leave the country for greener pastures, to avoid facing the coming harsh financial realities. If many Greeks, as I would expect, avoid or refuse paying for the “austerity measures”, who would be left holding the empty money bag? We haven’t seen the last of this international financial drama, that’s for sure!
In the meantime, August 2 (or 15, depending on who you listen to) is fast approaching. The USA debt ceiling will likely be raised, but this time to more drama and fanfare than ever before. As Yoda would say, “Interesting financial times, we live in.”
PSEi was up 41.86 points closing at 4,291.21. Thank you, Greek parliament, and window-dressing local financial institutions!
Abi's Trading Blog 