Another broad-based sell-off saw the composite index tumble 37.13 points to close at 4,305.56. This one came on low volumes as only 11 shares broke the 100-million Peso barrier. Take note, this is another test of the 4,290 level, which held last Aug.22.
If 4,290 breaks, the next PSEi low close is at 4,157.03. Caution is advised. Personally, I’m still out. I still think local equities are still best Avoided for now.
The world awaits the Bernank’s latest keynote speech…. Happy long weekend, Traders!