PHStocks Week in Review: Steadfast

Manila—(PHStocks)—Philippine stocks displayed their resilience as they end this week on a new record high despite two consecutive days of declines amid investors’ profit taking. The Philippine Stock Exchange index (PSEi) closed the week at 6,139.21 – another milestone for the local bourse – up 1.1% from Thursday’s close of 6072.18, and up 1.45% from last week’s 6,051.75.

Interestingly, and a confidence-boosting thought at that, while last week marked the first time that PSEi breached the 6,000-point mark, this week elevated that level to 6,100. In particular, the mainboard PSEi hit 6,114.44 at midday trading last Monday, January 14, before closing at 6,093.9. Tuesday and Wednesday saw bloodshed in the market (See here and here) as investors cashed in on their gains, but Thursday’s recovery and Friday’s new record high marked the strength of the country’s macroeconomic fundamentals.

On a weekly basis, all counters except for the Industrial index – which slid by 0.15% – were up, led by the Mining and Oil sector, which surged by 4.48%. The Property index came in second with a 3.02% gain, while the Services index edged up by 2.92%.

Despite the continuing rains on a January, the horizon looks clear for the country’s quest toward that investment grade rating. It definitely is an aggressive ambition, but little by little, we are getting there. As we say, “Kahaba-haba man ng prusisyon, sa simbahan din ang tuloy”.

Below are the top performers for the week (gains are week-on-week):

Below, meanwhile, are the top losers for the week:

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