Philippine Banking Sector: Haven't Excused from the Fangs of the Bear

The last two days on trading in the Philippine stock index said to be another turmoil. This is because it continues to crumble down of up to 5678.73 as the lowest points reached on yesterdays trading but regained to almost 5,800 at the closing. The PSEi (Philippine Stock Exchange index) is not only the one who is experiencing bearish sentiments.  The Thailand Index, China Shanghai Stock Index, the S&P and MSCI Emerging Market Index were among the heavily beaten Asian stock indexes yesterday. This is mainly due to the China money market tumult. Many others also showing double top or head and shoulder bears. As of 3PM today the local bourse regained more than 5.50% or 320 points more from yesterdays closing.

PHOTO: Manila, Philippines

In the Philippine setting, I would share some data on the banking sector according to sources I currently known.

The most declined bank stocks are:

    Stock Close High Decline
1. PBB 23.90 38.85 -38.48%   - Philippine Bank of Communications
2. PNB 77.50 116 -33.19%     - Philippine National Bank
3. SECB 140 202.2 -30.76%   - Security Bank

While the most resilient are:
1. UBP 128 153 -16.34%        - Union Bank of the Philippines
2. EW 28.6 36.40 -21.43%     - East West Banking Corp.
3. CHIB 60.1 77 -21.95%        - Chinabank  

For reference, the 3 biggest banks are:
1. BDO 77 99 -22.22%           - Banko De Oro Universal Bank
2. BPI 88 114 -22.81              - Bank of the Philippine Island
3. MBT 104 139.5 -25.45%     - Metopolitan Banking & Trust Corp.

The real investors sentiments to regain the local market losses must be supported by local and overseas trading participants in order to solidly support its status thereby allowing the bearish sentiments to fade. Hoping that today's upward motion of the market is not just a bubble effect.