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Philippine stock market rebounds after yesterday’s slump

Share prices in the Philippine stock market closed higher across the board, with the main index rebounding from Wednesday's 7.9%, as investors took comfort in Wall Street's recovery overnight.

At the close, the 30-company composite index was up 122.67 points or 4.0 percent at 3,190.12, with 105 advancers and 22 decliners. The broader all-share index rose 67.15 points to 2,050.45.

Dealers said investors realized that Wednesday’s selloff was overdone and that the country's sound economic fundamentals remained intact, shielding the local equities market from external uncertainties.

PSE sharply lower after massive Wall Street sell-off

Note: Article updated to reflect market closing figures. Original story published thirty minutes after the stock market opened today.

The Philippine stock market plunged to its six-week low today, ending almost 8% down from yesterday’s closing.

The sharp decline followed the massive sell-off in Wall Street, which was triggered by sharp falls in the Chinese and European markets, a drop in US durable goods orders, and a warning by Alan Greenspan, former chairman of the Federal Reserve, that the US economy could go into recession this year.

The 30-company Philippine composite index finished down 263.84 points or 7.9% at 3,067.45.

It trailed the Dow Jones industrial average which shed off 416.02 points, its biggest one-day point loss since the day the stock market reopened after the September 11, 2001 attacks on New York and Washington.

7 Surefire Ways to Make Money Online

Can you actually make money online?

Are there legitimate ways to earn a living online? The simple answer: Yes.

Continue reading below as we count the ways.

Are you frugal or stingy?

All of us have to make choices about how we spend our money. Wise choices allow us to build our wealth and, eventually, achieve financial independence. But how do you decide when you're being frugal, and when you've crossed the line into stinginess?

Here are some benchmarks to check if you are stingy or not.

If you use 2-for-1 coupons at a restaurant, you might be frugal. If you base your server's tip on the discounted bill, you're probably stingy.
If you decide in advance how much to spend each year on charitable contributions, and then try to stay within that budget, you might be frugal. If the last thing you gave to charity was an ancient can of lima beans you wouldn't eat yourself, then you're probably stingy.
If you use a tea bag for more than one cup of tea, you might be frugal. If you offer a guest the cup made from the used bag, you're probably stingy.

Frugality can be, and often is, a virtue. It implies you're being careful, not wasteful, with your resources.

Stinginess is a vice, and it carries a whiff of meanness. The word "implies a marked lack of generosity," as Webster's tells us. Stinginess is about pulling back when the more-human impulse is to give.

The Fall of PhoenixSurf: Not my fault, says Jonathan Mikula

Non est mea culpa. Not my fault.

This is what Jonathan Mikula seems to be saying about the fall of PhoenixSurf (www.phoenixsurf.com), the erstwhile popular autosurf program he used to run.