In
praise of another record high, the PSE published
The
Philippine Stock Exchange index (PSEi) closed the week at another
record high.
The PSEi ended Friday's trading session at 8,180.85, up by 35.94 points or 0.44 percent from Thursday's record close of 8,144.91.
The All Shares index also closed higher at 4,836.33, up by 20.42 points or 0.42 percent. Five of the six sectoral indices closed in the green with the property sector posting the biggest gain of 1.3 percent.
Value turnover for the day amounted to Php 11.18 billion with 1.18 billion shares traded.
"Market sentiment continues to be positive buoyed by the favorable outlook of analysts on the overall market. This optimism was again validated with the market closing today at yet another record high and with trading value exceeding P11 billion. We remain hopeful that our market levels and trading volumes continue to be robust," said PSE President and CEO Ramon S. Monzon.
Year to date, the PSEi has gained 19.6 percent.
Here
is what the PSE didn’t say…
The
Phisix was down by .42% prior to the market intervention phase. All
of a sudden…BOOM…the PSEi ended the session magically up by .44%!
Marking
the close transactions pumped a staggering .86%!!!
Such
brazen maneuvers were manifested in all the mainstream sectoral
indices
With
the exception of ALI, all issues indicated were in the RED prior to
the close. Then magic occurred!
For
instance, SM was down by .62% when the huge pump sent the issue to
close significantly higher by 1.21%!
ICT’s
case was even more striking. ICTSI was down by 1.07% when magic
transformed red into a humongous +2.45%!
Also
52% of Ayala Land’s gains for the day was due to the end session
pump!
What
can’t be done in the regular session had to be fixed at the close!
In
contrast to the PSE, evidence revealed that the latest record high
has barely been about “a positive” or “favorable outlook”,
but about price fixing or price manipulations!
And
as fixers fervently try to get free lunches going, more negative news
has been surfacing in the real economy.
Interestingly,
the Philippine
Statistics Authority reported second quarter and first semester
FDI
Total
foreign investments (FI) approved in the second quarter of 2017
amounted to PhP
18.2 billion from PhP 40.4 billion recorded
in the same period last year. The total FI represents the seven
investment promotion agencies (IPAs), namely the Board of Investments
(BOI), Clark Development Corporation (CDC), Philippine Economic Zone
Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) as well
as the Authority of the Freeport Area of Bataan (AFAB),
BOI-Autonomous Region of Muslim Mindanao (BOI-ARMM), and Cagayan
Economic Zone Authority (CEZA),. Meanwhile, total approved FI for the
first six months of the year reached PhP 41.0 billion, lower
by 38.4 percent from PhP
66.6 billion in the previous year.
Since
comparative data used in most disclosures have almost always been
from a single year only, specifically the previous year), I had to
revert to the old publications to obtain a broader history of FDIs
And
since its apogee in 2013, Foreign Direct Investments have trended
lower!
Present
levels have even sunk to 2012 lows after a marginal bounce in 2016!
Even
more, BSP
registered FDIs have mostly been about “expansion
in debt instruments (or intercompany borrowings from foreign direct
investors by their subsidiaries/affiliates in the Philippines)”.
Instead of equity infusions, FDIs have mostly been about debt, debt,
and debt! Awesome!
Moreover,
the downturn in foreign investments appears to have been reinforced
by online job advertisements.
Online
job advertisements continue to lose momentum (jobstreet and
bestjobs).
There
have been so much jobs from the present
administration’s touted economic programs such that one online
job advertising site, JobsOpening.ph
will shut down at the end of the month!
Thus,
record stocks have been meant to cover structural entropy!
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