Philippine stocks are currently on the upswing even though the global economic recession is still hurting many investors worldwide.
The Philippine Stock Exchange Index (PSEi), a composite of 30 stocks traded in the Philippine Stock Exchange used to track the general movement of market prices, ended the first half of the year up as much as 30%.
In July 3, the PSEi closed at 2,431.34, a 29.82% increase from the initial index in January 2009.
The Mining and Oil sector continues to be the best performing industry in the exchange, with its value increasing by 76.46% in just 6 months. Example of stocks belonging to the Mining and Oil sector are Philex Mining Corp. (PX); GEOGRACE Resources Philippines (GEO); NiHao Mineral Resources International (NI); and Lepanto Consolidated Mining Company (LC), among others.
The Industrial sector is second with the most increase, rising by 57.24% year to date. Stocks in the Industrial sector include Manila Water Corp. (MWC); Meralco (MER); First Philippine Holdings (FPH); Jollibee Foods Corp. (JFC); San Miguel Corporation (SMC); and Splash Corp (SPH), among others.
The Holding Firms sector is third best, rising by 43.49% year to date. This is followed by the Property sector (29.17%), Financials sector (17.39), and Services sector (17.27%).
If this performance will be sustained, the year 2009 will be a profitable year for stock traders and investors — a a complete reversal of the losses incurred in 2008.