MANILA, 23 December — The last trading week on the Philippine Stock Exchange was marked by lackluster trade although the market barometer managed an increase of over a percent.
The composite index closed the week at 1,145.97 points, registering an increase of 1.77 percent or 19.96 points. Value turnover rose 1.75 percent to 1.93 billion pesos ($37.8 million). However, volume turnover dropped 37.58 percent as only 1.68 billion shares changed hands. The market week began with a holiday as the Philippines celebrated Eid Al-Fitr for the first time. As expected, stock market investors began to sell off their holdings. DA Market Securities Chairman Nestor Aguila said some of the selling was due to investors wanting to cash out of the market by Friday, the start of the long Christmas holiday break. Investors wanting to square positions and collect checks ahead of the holiday had to offload stocks on Tuesday because of the three-day settlement period, he said. DBS Vickers Securities associate sales director Enrique Santa Ana meanwhile said "the volumes were largely block sales and typical year-end crosses... no one really wants to do anything much any more, they want to wrap it up going into the end of the year."