Manila—(PHStocks)—Local shares had a roller coaster ride this week as profit taking and bargain hunting sent the market up and down. The bellwether Philippine Stock Exchange index (PSEi) started the week by regaining its footing at the 4,800-point mark on Monday, 6 February.
The next day saw investors cashing in on gains, with the PSEi plunging by 1.25%. It recovered on Wednesday, 8 February, by closing at 4,805.8, the second time it breached 4,800 points during the week. Thursday saw a busy market, with trading volume reaching 14.53 billion. Investors cashing in on their gains brought the market down slightly, with the PSEi dropping 0.75% to 4,769.62 points. The mainboard index recovered on 10 February by reclaiming 13.9 points to close the week at 4,783.52.
On a weekly basis, local shares managed to pull some growth. The PSEi went up 0.52%, while the Financials index continued its strong performance by 3.13% week-on-week. Meanwhile, the uncertainties over Greece’s bailout have rattled most markets worldwide. According to Reuters, an agreement came late on Friday, but it almost immediately ran into problems when European leaders called for additional austerity measures and some Greek lawmakers said they would not support the deal. The news has already shaken the S&P 500, which posted its biggest daily percentage decline thus far in 2012 at the close of the U.S. market on Friday. The Greek parliament will be voting on the bill on Sunday. According to Reuters, analysts expect the deeply unpopular package to be adopted but the Greek politics remain highly unstable.
The local market has yet to see the impact of the results of these measures in the other side of the world. Nevertheless, given its current performance, the Philippine market will definitely withstand the impact of these developments.
The following are the screenshots of the PSE performance this week (Courtesy of the Philippine Stock Exchange website).
Below are the top 30 gainers for the week:
18. Manchester International Holdings Unlimited Corporation “B” (PSE: MIHB): PhP1.74, +16%
20. ATN Holdings Inc. “B” (PSE: ATNB): PhP3.4, +13.71%