Weekly Maginot Line Defense Was 26% More Than Nominal Weekly Change In the PSEi!

Yet another manic marking the close day!

Index managers must be getting so antsy or apprehensive for them to egregiously step up on inflating the index via the orchestrated and manipulated pumps

 

The top left pane shows of the pre-runoff price and price actions which the Bloomberg chart below confirms while the top right pane exhibited the incredible erasure of the .47% loss to just .12% at the day’s close!

Truly awesome!

ONLY IN THE PHILIPPINES!!! 

 

These pumps were concentrated on the holding sector while the service sector provided the icing. 

Of course other issues from other indices participated but signified less importance.

The price manipulator’s favorite the biggest market cap SM with 10.69% market share of the PSEi basked essentially delivered salvation to index with 1.1% surge to turn water into wine! Down .95%, magic closing ensured SM generated a positive .15% for the day!

JGS closed down 1.58% today which means the pre closing pirouette had JGS down 2.4%!

AEV slipped .26% for the day. But that’s because the .9% marking the close sheared off 77.55% of the day’s losses!

Other issues like AC, JFC, and TEL had minor pumps but was partly offset by a dump on URC

For the entire week, marking the close contributed to a magnificent 107.47 points! Meanwhile the Phisix dropped by 1.08% or 85.26. The weekly marking the close was 26% larger than actual nominal results!

Since again, the aggregate nominal number of marking the close was larger than actual numbers (107.5 vis-à-vis 85.26) this means that the headline index would have likely fallen much further. And thanks to the index managers, losses had been contained and the PSEi remains at 7,850 and within striking distance off the Maginot 8,000

 

Of course this also means that based on official PER (based on 2015 eps), even while the Phisix was down 1.08%, marking the close helped pushed the average PER higher by .25% to 27.27 while the market share weighted PER was slightly trimmed from the HISTORICAL 28.5, which again has surpassed 1997 highs to 28.49!!!!

There is no free lunch. The cost of interventions have been to drive up valuations farther from reality.

It’s a wonder, will the PSE publish these numbers in the BSP pages as is? Or will they “massage” to temper these numbers?

History is indeed in the making!