Forex and IPOs

The PSEi is up again today, taking the cue from Wall Street's positive trade today (NOV 28). Both BDO and JFC are up by a couple of pesos, but still way below my initial buy price. SPH and T's trading volume used to be in the 1Million range, but now it's just in the several hundreds.

I have to say, that with all my excitement with that SPH IPO, I was a bit burned by the fact that it listed below the offer price, just when I was expecting it to be at least at par value on the listing date. Oh well. you win some, you lose some. I intend to hold on to it for six months to a year anyway, so hopefully next year would be better for the entire market, and that the US sub prime woes would blow over already.

I was browsing through Inquirer.net just now, and I saw this write-up about upcoming IPOs by early 2008. First Metro Investment Corp announced that Cebu Pacific, and three other companies which refused to be disclosed at the moment, are looking at offering shares to the public to raise funds for some expansion projects.

Well, I'm not too hot about Cebu Pacific, but let's see. Maybe the prospectus would look promising once the IPO application has been approved and endorsed by the PSE.

I also saw this article about Shell's possible IPO by early 2008 as well, but according to the article, the IPO is still subject to the results of the study regarding the expansion. I do hope that they push through with it though, since I've had a short stint there before, and I saw that Shell has a good solid background. Plus, I doubt if they're closing down anytime soon.

On another note, I saw this article in the Inquirer.net which gives a forecast of a forex of Php38 to a dollar by year 2008. For someone who unfortunately hoarded dollars when it was still in the 51 to 56 range, this is really depressing news. Last time I spoke to my Sunlife Agent, she said that their Fund Managers even gave a forecast of 39 to 43 to a dollar by end of 2007, and the next two years would still see a weak USD. I'm honestly at a loss as to what I'm supposed to do with my dollars. Sell it now while the forex is still in the 40s range? Or hold on to it with the hopes that it'll hit the 50s range again? SIGH.