it’s (really) more fun in the philippines (for a few)

over a year later – the market still has to surpass it’s previous high…

Criticaleye2's Blog

Photo credit: REUTERS/Erik de Castro Photo credit: REUTERS/Erik de Castro

MAKATI, Philippines – On May 15th of this year, the Philippine Stock Exchange index hit an all-time high of 7,403.65 points. The euphoria of multiple upgrades by the credit rating agencies and the perceived positive outcome of the national elections still had to wear off.

Thirty seven days later, the index closed at 6,182.17 – a massive 16% drop in just over a month.

Forgive my Monday-morning quarterbacking but this steep and costly fall was bound to happen at some point. I just didn’t expect it to happen this fast. I don’t think any of those stock market pundits did either. I feel for those who bought stock on May 15th, they’ve lost a lot of money. What makes it worse is that they were led to believe the market would keep on going higher. That’s what you call a rude awakening.

The Philippine stock…

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