Hello, that’s right guys. The title speaks for itself! The stocks of JG Summit Holdings, Inc. or JGS as listed in the Philippine Stock Exchange shot up more than 1600% in less than 2 years. By the way, for those who do not know, this company is involved in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications. It’s owner, John Gokongwei, is one of the biggest ballers in South East Asia.
The JGS stocks started its bull run on December of 2008, when according to some analysts, the bear market was about to end. In fact, they were right because 3 months after, stocks globally started to reverse and went up. From 1.58 pesos, JGS climbed all the way to an all-time high of 27.00 pesos last week. This is definitely an awesome run for a blue chip! If it continues to ascend further, it needs to move pass above it’s all-time high where there could be some heavy selling pressure before it makes another move up. In case it clears out 27.00 pesos, the next resistance could be the 30.00 peso psychological level. On the flip side, the immediate support could be 24.75 pesos. It the stocks further drop below that area, the next support could be the 6-month uptrend. Above all, the stocks could still be headed northbound as long as the trend remains intact.