PHStocks Week in Review: Resilience

PHStocks 23/02/201325/02/2013 0 Comments 2GO, 2GO Group, A Brown, A. Soriano, AAA, ACE, Acesite, ACR, ALI, Alsons Consolidated, ANS, Apex Mining, APX, ARA, Araneta Properties, Asia Amalgamated, Asian Terminals, AT, ATI, Atlas Consolidated, ATN, ATN Holdings, ATNB, Ayala Land, Bank of the Philippine Islands, Bankard, BCB, BDO, BDO Unibank, Benguet, BKD, BMM, Bogo Medellin, BPI, BRN, CHIPS, Cirtek, City & Land, coal, Coal Asia, DIZ, Dizon Copper, EastWest Bank, EW, GEO, GEOGRACE Resources, HI, Highlands Prime, House of Investments, HP, ION, Ionics, JFC, JOH, Jollibee, Jolliville, Keppel, KPH, LAND, Leisure & Resorts World, LIB, Liberty Telecoms, Lorenzo Shipping, LR, LSC, MAB, Makati Finance, Manchester, Manila Bulletin, Manila Mining, Manulife, Mariwasa SIAM, MB, MEG, Megaworld, MFC, MFIN, MIH, MIHB, MMI, OPM, ore, Oriental Peninsula, Oriental Petroleum, Panasonic, Panasonic Manufacturing, PCOR, Petron, PGOLD, PHES, Philippine Estates, Philippine Realty, Philippine Seven, Philippine Stock Exchange, Philippine stocks news, Philippine Tobacco, PMPC, Primex, PRMX, PSE, PSE Index, PSE news, PSEi, PSEi news, Puregold, Resorts World, RLT, ROX, Roxas Holdings, Seafront Resources, SEVN, SM Development, SMDC, SPC, SPC Power, SPM, Starmalls, STR, TA, TBGI, TFC, Trans-Asia Oil, Transpacific Broadband, UNI, Unioil, Zeus Holdings, ZHI

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: