Only the Philippines!
In the present milieu of falling, if not NEGATIVE EPS, domestic equity price have been surging on lean volume.
And this has not just been a price ramp, but ramps that has been backed by manipulated pumps (most notably marking the close pumps)!
Today’s “marking the close” contributed only 22% to the day’s .61% advance. But that’s because 38% of the accrued gains had tactically been staged by a concerted price heave at the last 5 minutes going to the market intervention close.
In short, market manipulators orchestrated an index pump at the last 5 minutes which they backed up with a “marking the close”.
Here are the industries which had been major beneficiaries of the closing pump
And here the key issues which delivered contributed to the index gains as a result of "marking the close"
It is as if soaring prices would wish away those fumbling fundamentals.
Ironically, the above only shows of the "banana republic" techniques to attain its fantasy as a developed economy.
Only in the Philippines!
Note: figures/images from colfinancial.com, Bloomberg, PSE and technistock.net
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