Just a few minutes before the closing bell today, suddenly the Phisix explodes to the upside!
chart from technistock
On a per sector basis, here is how the intraday trade looked like for today, February 28th
Mining and oil
(all charts from Citiseconline)
Except for Mining and Services sector, which have been up earlier than the rest, industrial, financial, property and holding companies had all been pushed up at the closing minutes.
So at the end of the day gains became lopsided in favor of the bulls or became broad based. (table from the PSE)
Some will rationalize this as end of the month so-and-so (blah blah) activities.
Peso volume today was substantial at Php 18.5 billion with about 60% coming from cross trades and special block sales. Foreign participation was a modest net selling at Php 951 million.
Nevertheless you just got to be amazed at how big money (could it be political money?) have been desperately “pushing up” the markets (chart from technistock)
Here is what I wrote last Sunday
Either way, yield chasing or politically motivated actions to artificially prop markets arrive at a similar conclusion: a policy induced mania.
Bottom line is that today’s move represents additional signs of brewing mania.