While the brunt of the damage of the March 11 earthquake in Japan, which caused a tsunami that wiped out a coastal area and a nuclear crisis ongoing up to this day, was absorbed by the country, the whole world has felt its ripples, although at least not physically. Markets have reacted, supply chains were disrupted, and of course the emotional toll overseas families and friends are feeling for their loved ones in Japan right now. But the human spirit, how battered it may be, always knows no backing down. Everyone pushes forward, moves on, and with a helping hand, will emerge through these challenges stronger. All they have to do is keep hope alive.
Moving on, investor confidence in the local stock market faltered as the above events unraveled last week. For five consecutive trading days, the bellwether Philippine Stock Exchange index (PSEi) declined, posting even the biggest drop of 61 points last Thursday. Local shares rebounded on Friday, but that is not enough to regain its footing last week, as the PSEi shed 2.15% to close the week at 3,839.88 points, down from 3,924.35 points last week. The wider all-shares index likewise faltered, posting a 1.82% decline to 2,881.09 points. On sectoral basis, only the Mining & Oil and Holding Firms indices stood firmly, gaining 2.13% and 0.36%, respectively.
Below are the leading stock price gainers for the week: