News / Philippine Stock Market
Many people are still in love with PX. Why shouldn’t they be when they made good money from it before? When it went sideways, these guys are still in love not necessarily with the stock but with the notion that it made money for them before and that it should make money for them again.
As seen in the chart, PX made a good run back in August 2007 up to early November 2007. After reaching the high around 8.60, it has moved sideways ever since. The bad news is that it won’t necessarily follow the market’s rise but the good news is that it also won’t necessarily follow its fall. In a lot of ways, PX tracks the movement of gold. That part I always wonder about since PX is more of a copper producer than a gold miner.
Anyway, there could be something good happening here. We just need to be patient with how this will all play out.
Recommendation: Wait and see.
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