PHStocks Week in Review: Resilience

Manila—(PHStocks)—Philippine stocks suffered a bout of profit taking this week as strong the market continued to grow leaps and bounds on the back of positive macroeconomic outlook and better-than-expected financial results of companies.

The Philippine Stock Exchange index (PSEi) opened the week on a strong note, gaining 0.67% to close Monday’s trading at 6,565.23.

On Tuesday, 19 February, the PSEi breached 6,600 points for the first time in the bourse’s history by closing at 6,620.72 – up by 0.85%. Compared to its level during the first trading day of the year (January 2), this value was up 759.73pts or nearly 13%.

Local stocks extended their rally Wednesday, 20 February, as the PSEi closed the day at 0.42% or 27.85 points higher to mark a new record high for the local bourse at 6,648.57. The market went through a profit-taking session on Thursday, 21 February, with the PSEi opening the session at 6,637.83, down by 0.16% from the previous day. However, the bulls had it, and the benchmark PSEi closed 0.42% or 27.85 points higher to mark a new record high for the local bourse at 6,648.57.

On Friday, however, Philippine stocks underwent a new round of profit-taking across the board. By mid-day, the benchmark was down by 1.34% to 6,578.07 – well below the 6,600-mark. Nevertheless, confidence remained in the market, helping push the market forward and limiting the losses to just 2.35 points, or 0.04%, to close the trading day at 6,665.06, back at the 6,600 territory.

Overall, this week’s market improved by 2.2% from last week. The Property index was the lead gainer, growing by 4.09%, followed by the Financials index, which edged higher by 3.09%. A different story, however, went for the Mining and Oil sector. Feeling the effects of the accident at Semirara Mining Corp.’s (PSE: SCC) coal sites in the previous week, the Mining and Oil index was down by 3.17% on-week.

Below are the top 30 gainers for this week:

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

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