PSEi 3,885.96. -210.14 points. -5.13%.
Following the abrupt price decline in metals prices, mining declined faster than most stocks today:
- SCC – 175 Pesos, -12.32%
- LC – 1.16 Peso, -10.08%
- PX – 20.90 Pesos, -10.87%
- AT – 15.90 Pesos, -10.57%
- ORE – 3.74 Pesos, -9.88%
- MA – 0.051 Peso, -12.07%
- DIZ – 9.45 Pesos, -13.14%
Another observation, today’s total trading was very heavy, totaling 8.2-billion Pesos.
On August 5, 2011, I sold all my holdings of local equities as mentioned in my August 8 blog entry. Since then, I’ve held an all cash position, frequently mentioning this in my blog posts (I hope I didn’t bore you). Even after this week’s huge declines, I still think Cash is King.
Hopefully, many of you followed my lead and preserved your portfolio gains. I will dispense with my customary weekend sign-off, as I have many friends whose portfolios are in pain. On the other hand, I know you fundamental investors are licking your chops at the opportunities unfolding!
Take care, everyone. There will be better days ahead.