The triple digit decline of the #PSEI - PH Stock market have been the culminating event where the Energy Development Corporation - #EDC stock prices continued its declined to PHP4.80 from the previous week's high at PHP8.90. This prompted to spill over across the board from the morning and pm session that dragged the PSEI at 8119 low for the day.
#EDC Stock Price with an 'Exclamation Point"
This prompted the Philippine Stock Exchange to replace EDC with Robinsons Retail Holding Inc.- #RRHI by the mid-pm session announcement. Which drove the #RRHI stock price towards a PHP105.00 level high from a starting base price for the week at 91.10. An exceptional move, indeed where a struggle for positioning from the announcement really drove volatility to this particular stock.
#RRHI Stock Price Benefits from #EDC's Decline
The technical break out has been supported with the fundamental inclusion of RRHI in the main PSE Index as announced by the Philippine Exchange. A run up to 105.00 also allowed some profit taking and position adjustments as the weighted average in the overall index takes place.
Although, there were a few stocks that held through out the bear market sentiments and allowed the PSEI to have relief recovery only to close with an 8170 price mark. The week ending for the 3rd quarter would definitely be volatile. As we made mention, that the PSEI now carries a wider range from a high at 8321 to a low at 8100 for the time being.
