It remains a fact, that the recent one day up-swing of the PSEI back to the 7294 from a previous low of 7174 have proven to be short lived. As Foreign buyers got back into the market after 8 consecutive outflows , again have lost steam proving that such price upward price swings were simply a relief market recovery from a spill over backlash of the mining sectors decline in the market.
PH FINANCIALS
The PSEI ability to move in both directions is a result of the market uncertainty that the PH stocks are more susceptible from the recent price declines in the mining sector. With a few exceptions to the rule of contagion were the Financials, Holdings and Properties Indices have sustained their recovery from the previous end of the year declines. Yet, the most that the PSEI have made was marking a 7402 high and retesting the low band on its daily price range / consolidation.
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