Professor Ciel Habito quotes your blogger in his column today, here is an excerpt:
THE STOCK MARKET AND THE FOREIGN exchange market may be looking upbeat these days, but as I said last week, that shouldn't mean it's time to celebrate, gloat, and/or get complacent. Too many people, specially those in high places, would like us to believe that positive market movements are due to internal developments within our economy. The implementation of the expanded VAT, in particular, tends to be given more credit than it deserves for supposedly lifting market sentiment, and even improving confidence in the economy in general. It should be welcome news if there is indeed stronger confidence from the business community in our economic outlook. But are recent positive market movements in fact being driven by improved confidence due to internal developments within the country?
Fickle funds
Not quite, according to my friend Benson Te, an exceptionally perceptive market analyst whose contrarian analyses have consistently been affirmed and given him gloating rights once in a while. For some time now, he has been pointing out that developments in the domestic stock and currency markets largely mirror the trends in the markets of the entire Asia-Pacific region. One only needs to eyeball the graphs of the Asia-Pacific Dow Jones index and of the Phisix to see how closely they move together.
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