Only in the Philippines!
In possible fear of contagion from today’s PLDT rout (-5.86%), Team Viagra worked to ensure that the PSEi would not fall dramatically. So selective pumps had been applied on some other key index issues.
Their tactical move succeeded not only to prevent a fall but to even post a significant advance today
Yet today’s action looks somewhat similar to that of March 1 2016, where PLDT’s -4.1% plunge had been neutralized by pumps that caused a massive 6.95% surge in biggest market cap SM, along with other heavyweights that sent the headline index up by .88%
Like March 1, the PSEI closed significantly up by .73% today, largely from the pre-market intervention or “marking the close” pump.
Basically, an astounding 53% of today’s gains had been from the closing bell manipulation!
Team Viagra’s work on the PSEi as seen from different platforms… (nice huh?!)
…where today’s action had been manifested in three sectoral indices led by the holding, property and industrial…
…and that four issues from the above sectors had been responsible for today’s PLDT offsetting closing bell pump.
Except for Meralco, basically the above have accounted for the Team Viagra’s favorites.
Again my purpose is to document here the major episodes of market manipulations. Ironically, such have become a regular feature since the last quarter of 2014. The establishment talks about how they have reformed the system yet keep a blind eye on such irregularities.
And for as long as imbalances are nurtured through the perversion of the marketplace, such will have a backlash. Actions have consequences.
We have seen them appear via latest two crashes: August 2015 and January 2016.
More will come.
Note: figures/images from colfinancial.com, Bloomberg, PSE and technistock.net
Updated to add (Bonus chart on PLDT)
Updated to add (Bonus chart on PLDT)
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