So the pesos’ weakness has finally percolated into domestic stocks.
The Phisix got slammed by 1.47% today.
It would have been bigger if not for the mitigation efforts of Team Viagra
Although Team Viagra chipped off only 18% of today’s loss, it’s the operation (or the execution of the scheme) that matters.
Four major sectoral indices had been the main focus, led by financials, services, industrials and holding sectors.
And the above are the issues which had been used to buoy the index.
Note how huge the "marking the close" pump had been especially for Jollibee (+2.04%) and BPI (+1.6%) which were both significantly down prior to the market intervention phase. At the close, both issues posted increases of .17% and .5%.
So much push for these issues, with such little (headline) effect.
Add to the huge pump ICT’s staggering 2.6% move. ICT still closed down by .15%
Meanwhile AEV’s .76% pump only pared down the day’s loss to .6%
Interestingly, we seem to be seeing signs similar to the pre-January crash scenario remerge at the PSE.
Such manipulations suggest of the lotto effect, short term actions with long term untoward consequences. This seems to mirror developments at the political front.
And by the way, Japan’s Nikkei 225 suffered a follow up selloff today.
Two successive days of 3%+ slump has totaled 6.72%—a crash.
Are crashes making a comeback?
P.S Here is a bonus. Below is a table that shows of the changes in the EPS of select PSE issues in 1Q 2015
Interesting developments. Stay tuned!
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