PHStocks Week in Review: Still Growing

Manila—(PHStocks)—Perhaps a lot of investors are on cloud nine this week.  Despite opening this week’s session on a low note—the bellwether Philippine Stock Exchange index (PSEi) went below the 6,600 level at intraday trading on Monday, 4 March—the index closed at a new record high, gaining 1.62% or 108.64 points to reach 6.833.77 on Friday, 8 March.

Actually, Wednesday, 6 March, was the first time that the PSEi breached the 6,800 level, when it surged by 1.84% or 123.49pts to hit 6,835.21. One of the driving factors there was the Dow Jones industrial average, which soared to a new record high last seen in 2007.

Of course, after reaching record highs, the practicality remains in that those who gained will definitely cash in on them. And as expected, Thursday, 7 March, saw the market wiping out its gains made the previous day. Value turnover was notably high, reaching PhP23.87 billion on 2.515 billion shares traded.

Nevertheless, the market recovered as investors hunt for bargains at the end of the week.

The mainboard Philippine Stock Exchange index (PSEi) reached a new record high today, gaining 1.62% or 108.64 points to close at 6.833.77. Market sentiment may have also been swayed by the strong reverberation of growth in the U.S. market, in particular with Dow Jones Industrial Average’s third straight day of record growth. Trading was heavy, with value turnover reaching PhP12.64 billion on 1.68 billion shares traded.

The PSEi was up by 2.88% from last week, and was higher by 5.81% from four weeks ago. On a sectoral basis, the Holding Firms segment led the growth, with a gain of 4.37 from last week. The Services index came in at second with a 2.73% gain, while the Financials went up by 2.33%.

The Mining and Oil index, on the other hand, is still trying to recover from some challenges in the previous weeks. It was still down by 1.28% this week from last.

Amid the market performance this week, next week may see another series of profit taking and bargain hunting.

Below are the top 30 gainers for the week:

Below are the top price losers for the week:

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