MANILA, 10 June — The figures on the Philippine Stock Exchange (PSE) seem to reflect the fact that traders and stock market denizens are uncertain about the outcome of the recent hostage crisis triggered by the terrorist Abu Sayyaf group. Thus, the composite index has been going up and down. Week on week, it lost 5.59 points or 0.39 percent to close at 1,410.50 points. “There’s no reason for the market to stage a sustained run-up so when you see a run-up, especially with the weekend coming and many things are hanging, you secure your gains,” said Joan Bueno Eala, fund manager of Bank of the Philippine Islands Trust which handles equity funds worth 17 billion pesos.
Market turnovers showed mixed results with value turnover increasing 77.3 percent to 4.5 billion pesos ($89.1 million) while volume turnover went down 39.2 percent to 1.84 billion.
Enrique Sta. Ana, associate director for sales at Vickers Ballas Securities, said “it’s a trading market right now” with local funds dominating the market and foreign funds staying away.