Today marks another remarkable price fixing day!
First, price fixers deployed a late afternoon delight pump on the holding (right) and the industrial sectors (left).
Massaging the index started with the holding sector where pumping actions came at mid afternoon.
On the other hand, the industrial sector’s panic buying appeared near the runoff period. But both sectors hardly exhibited any significant 'marking the close' actions.
The end minute price fixing was instead applied to other two sectors.
To ensure that the Phisix closed up significantly higher, index managers cemented this with a twin 'marking the close' pump on the Financial and their present favorite or darling, the property sector.
Marking the close constituted a whopping 85% of the Financial sector’s .81% gains, as well as, a mind blowing 82% of the property sector’s .87% advance. [charts above from colfinancial]
Part of the property sector's windfall emerged from ALI’s .56% advance today.
Yet ALI's gains emerged from a last minute astounding 1.13% pump which suddenly converted losses (red digits) into gains!
Meanwhile, SMPH's last minute push was much less than that of ALI.
As for the financial sector, a staggering 80% of BPI’s 2.69% advance emerged from the same dynamics!
And so with 61% of BDO’s 1.26% gains!
Just awesome!
The PSEi's index pump as seen from different providers (Bloomberg, technistock and colfinancials)
Today’s staggering index manipulation came as decliners beat advancers 92-67!
For the second day, broad markets were sold but index were pushed up. The difference between yesterday and today has been the flagrant use of late afternoon delight pump coupled with marking the close! (tables from PSE)
Notice too that the index pumps came with very slim volumes: Php 3.999 billion (yesterday) and Php 4.59 billion (today).
However today’s end of the day volume was recorded at Php 34.771 billion. And that’s because Php 30.185 billion or 86% of volume arose from block sales of Star Mall.
The PSE lately warned the public about investment scams. Curiously what do you call price fixing or marking the close?
My post has been intended to document the ongoing rampant and brazen stock market manipulations for posterity or for history. Years from now, perhaps some people may come to see how things came about or how today's distortions shaped future price conditions.
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