Stitch, jzpax,
I think the Subic situation is probably having smaller repercussions on the local exchanges than the reemergence of some of the old cronies, particularly Danding Cojuanco with his re-acquisition of San Miguel, and the general unease over the PAL situation. Not that PAL's problems will have that drastic an impact, but we've all seen the impact that psychological factors can have on stock markets, and the possible demise of the national carrier certainly qualifies as a significant psychological factor.
Things seem very much on hold right now. There was the fear of Erap, then the brief honeymoon that came when people realized he wasn't going to appoint a movie crony to the finance portfolio. Now people are waiting to see what the reality will be. Personally, I'd be quite hesitant to make actual investments here without some very strong, reliable inside information, as opposed to the gossip which exists in such profusion. Publicly available sources that I've seen on local companies are scanty and not especially trustworthy.
The Gordon situation is getting stranger and stranger. We got a fax from his sidekick a few days back announcing that all SBMA administrative functions had moved to another building (where Gordon's people now are) and that all was as usual. We've heard nothing from the Payumo camp. Two parallel offices, each pretending the other doesn't exist. Both, presumably, writing checks on the same accounts. Interestin to see how it comes out, especially as I'm in the middle of it.
Steve |
