The continuing crisis in the Middle East, in particular the political unrest in Libya—the country that accounts for 2% of the global oil supply—dealt a severe beating to the local stock market this week. The bellwether Philippine Stock Exchange index (PSEi) slid for five consecutive trading days since Friday the week before, before slightly recovering at the close of yesterday, brought about by news of easing oil prices.
The Libya effect brought down the PSEi to 3,737.04 points this week, down 2.97% from 3,851.24 points it gained in the prior week. The wider all-shares index likewise fell, reaching 2,828.47 points, down from 2,976.47 points.
On a sectoral basis, all indices were down, except for the Mining & Oil index, which managed to pull a slight 0.25% gain. The Property index suffered the biggest drop at 5.21%, followed by the Services index, which slid by 4.18%.
Amid the weak performance this week, stocks still gained decent price increases for their worth. Below are the top 20 stock price gainers for the week: