Phisix 7,300: Team Viagra March 31 Edition

Only in the Philippines!!!

I would not have published today’s action by Team Viagra had it not been for the significant actions by index manipulators behind the scenes

Team Viagra pared down the last minute .71% loss of the Phisix to just .51%. Said differently, .2% of today’s losses in the headline index had been erased through Team Viagra’s “marking the close”.

From the surface, .2% difference would look insignificant.

But when seen from the sectoral basis, the whole picture changes.

There had big moves in both directions for some sectors.

In particular, last minute huge selling on banks had been offset by major pumps on other sectors, led by the services, holding and property. 

These are the firms which pushed down the index via "marking the close" led by banks

And in contrast, these are the other major index heavyweights representing different sectors which buoyed the index again through "marking the close"

Had there been NO last minute selling on the banks, Phisix would have closed green!

On the hand, the offsetting actions would seem to have been deliberate. Or in short, index managers perhaps knew or anticipated of the big downside selling actions in banks, so they acted to counterbalance these by pumping up on the other heavyweights.

The extant imbalances in the pricing of Philippine equities will only accrue from such repeated perversions of the marketplace. And such essentially paves way for, or ensures of, the reappearance of market crashes.

Note: figures/images from colfinancial.com, Bloomberg, PSE and technistock.net