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In a drastic reversal of fortunes, the stock markets of developed countries such as Japan and the United States were big winners in 2013, while stock markets of most developing countries — previous top performers in 2012 — barely rose with some even registering negative returns.
Japan’s Nikkei 225 index, for example, was the world’s 4th best stock market in 2013, surging an unprecedented 56.72% in the past 12 months ending December.
The year 2013 finally ended this week, wrapping up a rough, turbulent year for stock investors.
On Friday, December 27, the market had its last trading day of the year. The 30-company Philippine Stock Exchange index (PSEi) closed at 5,889.83 points — up a meager 0.20% from the previous day’s trading.
The Philippine Stock Exchange (PSE) issued a clarification on October 29 as regards the adjustment in the index weight of the Henry Sy-led property conglomerate SM Prime Holdings (SMPH).
Two new companies are now part of the 30-company benchmark Philippine Stock Exchange index (PSEi), replacing two others that failed to meet the inclusion criteria.
The Philippine Stock Exchange (PSE) announced last week that LT Group Inc. (LTG) and GT Capital Holdings (GTCAP) will from part of the PSEi effective September 16 this year.
Last week, Philippine stocks suffered a beating following a sharp decline in the stock price of SM Investments Corp. (SM), a large conglomerate with market capitalization of more than P641 billion. A big price fluctuation in such a large company would no doubt lead to a big movement in the Philippine stock market. And we saw this happen last week.
But why? What explains the sudden price drop of SM that led to an overall decline in the prices of Philippine stocks?
Philippine stocks experienced a sharp one-day drop yesterday, recording the worst stock market performance since 2008, during the collapse of investment banking giant Lehman Brothers.
The Philippine Stock Exchange index (PSEi) registered a huge 6.75% loss yesterday (June 13, 2013), closing at 6,114.08 — a steep decline not seen since October 27, 2008 when local stocks dropped a whopping 12.27% as an aftermath of the Chapter 11 bankruptcy filing of Lehman Brothers in September 2008.
