While European markets went up and the Dow Jones was up 3%, a small decline was the best the PSEi could do today. Chalk it up to the power of TEL (-3.29%) which went ex-dividend yesterday. Jittery traders also unloaded TEL ahead of the Aug.26 deadline for the DGTL buyout deal.
Taking a look at some of the uptrending stocks we have LC (+1.13%), MA (+5.33%), PX (-1.06%), ORE (-0.74%) and big winner BHI (+18.31%).
I sincerely wish all brave traders of BHI good luck. Take note how the news articles are carefully worded. What is on the table is a “potential” joint venture. It is something big that may happen, or simply fall by the wayside. A long position on BHI has value of course, just as a potential flush or straight draw in poker has value. Who knows how many “outs” there are? Whether or not the JV comes to fruition, may you bring home a monster pot.
Time was when the PSEi was called the PHISIX. Back then, there were days the ENTIRE market would trade below P100-million. The index was much shallower and TEL was star of the show. Any % move in TEL would reflect an approximately same % move by the PHISIX. It was fun to see TEL wield some influence on the composite index today.