Record Phisix: Why the Bear Markets in 69% of Financial-Banking Index Components?

Despite the recent selloffs, the Phisix still trades at record highs.

But in looking at some of the sectoral broad market performances, record highs haven’t translated into a 'rising tide lifts all boats' phenomenon. To the contrary, record highs appear as an exception rather than the rule.

From the perspective of the Financial and Banking index; some questions:

Why the bear markets in 69% (9 out of 13) of financial sector components???!!!

Why have only four (biggest) banking issues been generating the market’s attention?

Why has it been that only ONE bank has emerged as record holder?

Finally, why the dramatic divergence between top banks and the rest?

The components of the Phisix Financial index (as of May 8, from the PSE):

The 9 banking-financial issues hounded by bear markets! (in pecking order of market cap weighting from the lowest to the highest as of the close of May 8)

Updated to add: Equity owners of the above issues will most likely feel the opposite of what's has been broadcasted at the headlines.

Yet the four outliers: the sole record holder and 3 contenders for record highs

Yet such disparity hardly seems to be about earnings (LTM September 2007-2014).

Considering that the three biggest banks constitute significant weightings on the Phisix benchmark, could such flagrant divergence have been a result of the actions of index managers to push these issues—as part of the grand scheme—to pump the Phisix to record highs?

Could it be that in order to likewise embellish the Financial Index, the fourth biggest bank also served as contingent to the syndicated pump?

Finally, even outside the context of market manipulation, the growing concentration of trading activities, as well as, the deepening divergence between top issues with the broader market, doesn't seem to as an indicator of a healthy bullmarket, but one of "distribution" or a "topping" process.