Take one for the week was yesterday.
See, another representation of what makes the “Best stock market in Southeast Asia”! Along with this, how and why the Philippines has attained “sustainable inclusive growth”!
What one cannot achieve via through the normal trading sessions have to be accomplished via price fixing or “marking the close” from Team Viagra!
The obvious purpose for this has hardly been about profits but about "fixing" the index level. Very much like politics, the PSEi’s position has become symbolical rather than a reflection of market forces.
Such "marking the close" has become a regular feature since the 4Q of 2014. Yet its only accomplishment was to carve the 8,127.48 April 10, 2015. Since, no matter how frequent and powerful the actions, Team Viagra has been unable to prevent the downdraft to the current state.
Now they seem so desperate to keep the spent mania from flagging further.
Down 1.15%, Team Viagra erased a stunning .42% of the losses of the PSEi to close the day down by only .73%!
Today's operation centered on mainly four heavyweights which offset considerable losses from the broader market.
SM, which carries the largest Phisix market cap weight with a 10.14% share (as of the session close) delivered the meat of the loss offsetting actions from the last minute pump. The rest as shown above provided support. Note of the losses (red) turned gains (green) from last minute pre-run off pumps.
The above represents the most active issues for the day
Nonetheless, with Team Viagra, it's definitely more fun in the Philippines!
And the stock market's session closing Viagra effect can be seen "ONLY in the Philippines"!
Note: figures/images from colfinancial.com, Bloomberg, PSE and technistock.net.
My purpose for such postings have been to document irregularities for posterity, which may serve as lesson to future generation practitioners: There is no such thing as a free lunch; perversion of the marketplace will have incite a blowback or will backfire.
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