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Engaging dreams and myth

The Carl Jung Circle Center (CJCC) will present, for the first time in the Philippines, a dream tending certificate course by the distinguished founders of Pacifica Graduate Institute (Santa Barbara, California).

“We can enrich ourselves by exploring psyche, myth and dream for new perspectives of one’s personal unconscious,” explained CJCC chair Dr. Ma. Teresa Gustilo-Villasor

Carl Gustav Jung understood that myth is a collective dream. Dream is a personal myth[mv1].

Dr. Stephen Aizenstat, Chancellor and founding President of Pacifica Graduate Institute, crafted the Dream Tending Methods. A professor of Depth Psychology with a Ph.D. in Clinical Psychology, he is a marriage and family therapist, counselor, lecturer and international consultant. He will share his techniques.

Dr. Maren Tonder Hansen will open the 3-day course through an introduction and familiarity with the use of symbols in myth. She is a founding member and Trustee of the Pacifica Graduate Institute, Institutional Management Council and faculty. An ordained Unitarian minister, her subjects include women’s spirituality, myth and dream work. Her publications include Mother Mysteries and Teachers of Myth.

The Dream Tending course builds on the methods of association amplification, and animation pioneered by Dr. Sigmund Freud and Dr. Jung.

Dream Tending is a life practice that healers, storytellers, and poets have known by different names for thousands of years. These have been expanded by James Hillman and Marion Woodsman.

The course introduces the psychological methods such as personal association and ritual. It explores the symbolic narrative, whether it is myth or dream.

CJCC chair emeritus Rose Yenko remarked, “It is for those who do soul work, healing of the psyche, working with brokenness, working for psychological growth. Dreams are such a rich resources deep within ourselves that offer us a wisdom to help move our lives into a better place. If only we knew how.”

This is ideal for those individuals who are intrigued by their dream images and stories, as well as mental health practitioners who wish to aid their clients in decoding the image and the healing messages from the unconscious via dreams.

The psyche or soul will be explained in depth.

In studying the 4,000-year-old Sumerian story, The Descent of Inanna, the participant will discover images, patterns, movements of the soul that provide wisdom and advice applicable to our lives.

The topics to be covered are:

1) How to remember dreams and examine recurring themes;

2) Awareness of the multiple dimensions of our psyche — the personal the collective and the world unconscious;

3) How to animate dream images and form relationships with figures in our dreams;

4) How living images impact and inform our moods, behaviors and perceptions;

5) How dreams can support and improve our moods, behaviors, and perceptions;

6) How dreams can support and improve physical and psychological health.

At the CJCC’s “Salubungan: An Encounter with Depth Psychology,” Dr. Aizenstat gave a glimpse of dream tending which he has practiced for more than 40 years. Here are notes from his lecture in July 2016.

“Today I am offering the approach to dreams called dream tending… I mentioned multidimensionality because it can be the home of dream tending.

“We will work with dreams as that vision that comes as we work with another human being in relation to his or her dream life. We must also realize how dream tending has multiple applications. It is medicinal when we work in the way I will offer.

“We can work with images as medicines, as the psyche of the soul, in the tradition of ancient Greece. … Images do have something to offer from the medicinal point.

“And going into Europe, where I work with multinational CEOs and with the company, and with its alignment with that mission which has all kinds of meanings in terms of success.

“Dream tending can also be worked with in marriages or in partnerships of couples. There are always more than two people in the room at any given time, and they bring themselves forward in the quality of the dream…

“In dream tending, it is important to allow the intelligence, which is alive and active in the image itself, to come forward. Here, we need to work with images as if they were alive…”

From Mary Oliver’s “Dreams”:
“When deep in the tree,
All the locks click open,
And the fire surges,
And the blossoms blossom.”

“This is the approach to dream work that I want to offer: dream tending. It is not dream interpretation, although that is incredibly helpful. It is no dream analysis although, again, that is incredibly helpful. Instead, it is tending to the image as living entity here and now and allowing the blossoms to blossom. Let us try it then.”

(The certificate course “Engaging Dreams and Myth in One’s Life” will be held on Jan. 25-27 at Ateneo Rockwell Auditorium, Makati City. For inquiries, contact The Carl Jung Circle Center jungphilippines@yahoo.com tel. no. 0927-2313-757 (Ella) www.jungcirclecenter.ph).

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

NLEx allots P19-B capex for 2018

NLEX Corp. is allotting P19 billion for capital expenditures (capex) this year, primarily to build the Harbor Link Segment 10 and the North Luzon Expressway (NLEx)-South Luzon Expressway (SLEx) Connector Road project.

In a disclosure to the stock exchange, parent company Metro Pacific Investments Corp. (MPIC) said NLEx is ramping up its spending “in response to the government’s call for the private sector to complement the government’s massive infrastructure push.”

However, NLEx said the P19-billion figure is an estimate, assuming the “satisfactory” resolution of the tariff adjustments, which are still being negotiated with the government. The figure will be reviewed depending on the results of the discussions, the company said.

To recall, in April 2016, MPIC, through NLEx, filed a notice of arbitration against the government to obtain compensation worth some P3 billion for unadjusted toll rate adjustments that were supposed to be implemented in January 2013 and January 2015.

In November 2017, the Toll Regulatory Board gave its provisional approval for NLEx to raise toll fees by P0.25 per kilometer.

NLEX Corp. President and CEO Rodrigo E. Franco said the bulk of this year’s capex will be used for the urban portions of the NLEx, particularly the Harbor Link Segment 10, including the Radial Road 10 Section in Dagat-Dagatan, Navotas City, and the public private partnership project NLEx-SLEx Connector Road.

The Harbor Link Segment 10 is a 5.7-km. elevated expressway traversing NLEx from Smart Connect Interchange and crossover to McArthur Highway in Valenzuela City, with down ramps along C-3/5th Avenue Interchange in Caloocan City.

The R-10 link is a 2.6-kilometer road that serves as the continuation of Harbor Link Segment 10. Mr. Franco previously said the construction of R-10 link will begin early this year, although it is still awaiting final government clearance.

The NLEx-SLEx Connector Road will be built above the existing Philippine National Railways tracks from the C-3/5th Avenue Interchange in Caloocan City to Polytechnic University of the Philippines in Sta. Mesa, Manila. Expected to be completed by 2021, the connector road is expected to reduce travel time between NLEx and the San Miguel Corp.-operated SLEx from two hours to 20 minutes.

NLEx will also undertake capacity expansion of the 8-kilometer Subic Freeport Expressway, with construction of 16 new lane kilometers.

A subsidiary NLEX Ventures Corporation is also building a new expressway service facility and rest area in the southbound portion of NLEx.

Additionally, NLEx is expanding Sta. Ines Interchange and the new Mabiga Interchange this year.

“These investments are aimed at supporting the government’s initiatives to ease the daily traffic woes of our commuters, drive commerce, and are part of our continuing commitment to further ensure safe and convenient travel in our expressways and maintain our high-quality service,” Mr. Franco said in a statement.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

Sportscaster Sarmenta holds one-day seminar

VETERAN sports broadcaster Sev Sarmenta will share his communication expertise by holding a one-day seminar called ‘Knockout Presentations.’

The seminar aims to sharpen one’s presentation skills along with learning valuable techniques where workshop participants will also do actual presentations to hone their ability and give them the confidence to present to anyone.

Aside from his broadcast work Sarmenta has for the last four decades taught effective communication and persuasion skills at the University of the Philippines and Ateneo de Manila University.

He has also done countless sports TV panel gigs including the PBA, Asian Games, Olympics and world boxing championship events here and abroad.

To be held on Jan. 26 at the One Corporate Center, Meralco Avenue in Pasig City, Knockout Presentations is presented by One King Communications and Good Job Communication Coaching.

Interested participant may register via e-mail: goodjob@oneking.com.ph

P5,000 fine on establishments without half-cup rice in menu

THE CITY’s food service industry will now be required to provide a half cup of rice option for its customers after the approval of the Davao City Rice Conservation Ordinance on third and final reading Tuesday. Without this offer on the menu, establishments would be meted up to P5,000 in fines plus suspension and even cancellation of their license or permit to operate. “By requiring those in the food service industry to provide a one-half cup of rice option in their menu we would be able to help minimize wastage of rice,” Councilor Marissa S. Abella, chair of the committee on agriculture and food, said in an interview. But she also pointed out that eat-all-you-can or buffet meals are not covered by the ordinance, only “plate-in” or a la carte meals if offered by the same establishment. The City Health Office (CHO) in coordination with the City Agriculturist Office (CAO) are the lead agencies that will spearhead the inspection of food establishments to check their compliance. — Carmencita A. Carillo

YouTube cuts star Logan Paul from projects over his video of Japan suicide victim

NEW YORK — YouTube on Wednesday punished one of its stars, American Logan Paul, over a video that showed a suicide victim in a forest near Mount Fuji — by scrapping two projects and lowering his advertising profile. The video shows the 22-year-old discovering a body in Aokigahara, a dense woodland at the foot of the mountain known as “the Japanese Suicide Forest,” in a country that has long struggled with some of the highest suicide rates in the developed world. Japanese social media erupted with indignation over the film, which showed a man who had hanged himself. Outtakes showing Paul laughing and joking about the incident also stirred anger. Paul has a massive teenage and preteen fan base. The video sharing site decided to drop Paul from projects on its YouTube Red subscription platform for original content, a spokesman said Wednesday. They include a sequel to his film The Thinning and a leading role in the fourth season of Foursome. — AFP

Fire-hit Davao BPO wants to reopen in 2 months

DAVAO CITY — Suspending the company whose 37 employees died in a fire just two days before Christmas here will result in about P97 million in lost salaries in the information technology-business process management industry, an industry association official said.

“That is why we have to find a way to enable SSI to resume operations,” said lawyer Samuel R. Matunog, president of the Information and Communication Technology Davao, on Monday in reference to the company’s impending suspension of operations.

The Philippine Economic Zone Authority announced it was suspending the company after 37 of its employees died following the fire that razed the NCCC Mall on Dec. 23.

Mr. Matunog said his association is urging the government to lift the suspension order as the company, which started its operations in the city in 2008 as a market researcher using telephone interview services, has started looking for a new location for its operations so that its 500 employees could resume their jobs.

The company said it is planning to resume operations within the next two months in another site in the city.

The company announced that even with the employees not at work, they continue to receive their salaries. It is also “exploring (other) avenues to provide them with employment.”

It added that it has continued to “reimburse employees for personal effects that were destroyed in the fire. Additionally, Research Now SSI is [providing counseling for employees and victims’ families.”

As assistance to the victims’ families, it said it has raised about $115,000 in funds.

A Davao City councilor has proposed that companies use photo luminescent paints in hallways and fire exits as to help employees leave burning buildings.

Councilor Maria Belen S. Acosta, head of the public safety committee of city council, said in other countries glow-in-the-dark paint is in use “to guide persons to emergency exits and other possible means of egress especially when the power goes out.” — Carmelito Q. Francisco

Trump’s ‘madman’ rhetoric may have scared North Korea to talks — analysts

SEOUL — US President Donald J. Trump’s notoriously threatening rhetoric towards nuclear-armed North Korea — which has drawn comparisons with Richard Nixon’s “madman theory” of diplomacy — may deserve some credit for bringing Pyongyang to talks, analysts have said.

The two Koreas held their first official dialogue in more than two years this week, agreeing the North would send its athletes to next month’s Winter Olympics in the South and paving the way for further discussions.

The meeting represented a significant improvement after months of confrontation, during which Pyongyang carried out multiple missile tests and by far its biggest nuclear detonation to date.

At the same time Mr. Trump was blamed for heightening tensions with his threats to rain “fire and fury” on the North — now the title of an incendiary book on his presidency — and assertions that its leader Kim Jong-Un was on a “suicide mission.”

Since Mr. Kim inherited power in 2011, North Korea has made rapid progress towards its goal of developing a missile that can deliver an atomic warhead to the United States, which significantly strengthens its negotiating position.

In his New Year speech Mr. Kim said Pyongyang had accomplished “the great, historic cause of perfecting the national nuclear forces.”

But some analysts now say that despite the hermit state’s achievements and the defiance of its propaganda, Mr. Trump’s chest-thumping threats provoked real fears within the North’s elites, pushing them to seek ways to dial down tension.

Alexander Vorontsov, head of the Institute of Oriental Studies of the Russian Academy of Sciences, was in Pyongyang for meetings towards the end of last year.

While there, he spoke to officials who “feared that the US was already trying to shape the battlefield for a military operation against the North,” he wrote Wednesday on the website 38North.

They seemed “truly baffled” that the South was unaware Mr. Trump was inching closer to war, Mr. Vorontsov said, while “Pyongyang, they maintained, is under no such illusions.”

Trump administration officials have repeatedly said that military action is an option on the table. Washington has held several joint exercises with allies South Korea and Japan this year, and deployed three aircraft carriers to the area at the same time.

There was “growing concern” in Pyongyang, Mr. Vorontsov said, that “different elements of a combined arms operation against North Korea are being methodically rehearsed and that ‘zero hour,’ as they put it, is not too far away.”

‘PROFESSIONAL WRESTLING MATCH’
The unpredictable US president is believed by some to be employing the playbook of his predecessor Richard Nixon, whose “madman theory” aimed to scare opponents into concessions by cultivating an image of recklessness.

It was Mr. Nixon himself who coined the term, according to his chief of staff H.R. Haldeman, whose autobiography quotes the disgraced president describing his intended message as: “We can’t restrain him when he is angry — and he has his hand on the nuclear button.”

At times, Mr. Trump has appeared to echo the approach wholeheartedly.

As his top diplomat sought an opening with Pyongyang in October, the president tweeted: “I told Rex Tillerson, our wonderful Secretary of State, that he is wasting his time trying to negotiate with Little Rocket Man” — his nickname for Kim.

“Save your energy Rex, we’ll do what needs to be done!” he added.

At the UN General Assembly he raised the prospect the US would “totally destroy” North Korea, prompting Mr. Kim to respond with a personal pledge to “surely and definitely tame the mentally deranged US dotard with fire.”

“Never before have two leaders in command of nuclear arsenals more closely evoked a professional wrestling match,” wrote a New Yorker columnist at the time.

Go Myong-Hyun, an analyst at the Asan Institute of Policy Studies, said US actions had “instilled considerable fear in Pyongyang unlike in South Korea.”

“So they came to talks to secure strategic space,” he said.

North Korea’s refusal to expand the agenda of Tuesday’s talks was intended to draw out the process “to avoid possible US military action,” Mr. Go added.

Despite a handful of agreements reached Tuesday, the North Korean delegation did not respond to Seoul’s proposal for talks on family reunions, and said its nuclear and missile programs — which it says it needs to defend itself — were not up for discussion with the South.

South Korean President Moon Jae-In on Wednesday thanked Mr. Trump for his efforts, saying he had played a “very big” role in realizing the talks.

But former US secretary of state John Kerry has described Mr. Trump’s tweets as creating “chaos politics” and many analysts say that in the long term, the US leader’s approach will be counterproductive.

The president had been “talking to the world’s most dangerous state like a petulant man-child,” Robert Kelly of Pusan National University wrote at the weekend.

“Honestly, Trump just made everything worse, and his rhetoric almost certainly convinced the Kimist elite that going for nukes was wise.”

The 45th president of the United States, though, has no doubts where credit lies for getting the two Koreas together.

“We were the ones,” he told a cabinet meeting Wednesday. “Without our attitude, that would have never happened.” — AFP

LandBank deal to acquire Postbank cleared by regulator

THE Philippine Competition Commission (PCC) approved the acquisition by Land Bank of the Philippines of Philippine Postal Savings Bank, with the latter intended to serve as the domestic network of the Overseas Filipino Bank.

“PCC has approved the acquisition by Land Bank of the Philippines (LandBank) of Philippine Postal Savings Bank (PostBank),” PCC Chairman Arsenio M. Balisacan said in a social media post on Thursday.

PostBank will act as the remittance marketing arm for the Overseas Filipino Bank — the creation of which was a campaign promise of President Rodrigo R. Duterte.

In September, Mr. Duterte authorized the acquisition through Executive Order No. 44.

Finance Secretary Carlos G. Dominguez III told reporters on Thursday that the new bank will be launched on Jan. 18.

He has said that the takeover will require about a P1 billion capital infusion.

LandBank President and Chief Executive Officer Alex V. Buenaventura said the new bank is scheduled to conduct pilot operations in Dubai.

Mr. Buenaventura has said that the Overseas Filipino Bank’s authorized capital is P1 billion, with P300 million classified as preferred capital open to overseas Filipinos to invest in, and P700 million in paid-up common shares. — Elijah Joseph C. Tubayan

Getting the message across

“Signaling” has become a new management watchword. It means consistency with a brand image or a value system by being ever mindful of unintended messages. These signals include official statements, types of sponsored events, hiring, and even office attire.

Communication can be indirect. What is not said is as important as what is. Spokesmen explaining what goodwill from an intruder means (there will be no new incursions) is signaling that the status quo of the already occupied and built-on areas are just fine — is that clear?

Leaders (whose behavior consumes us) can signal preferred directions, even by expressing contrary thoughts. The talent of “reading between the lines” is prized in a subordinate. The public pronouncements of transparency and integrity need to be outwardly practiced. And yet, certain decisions need to be made which require some bending of the rules. A leader would rather delegate this downwards, but not too explicitly.

Reading between the lines and deciphering the meaning of blank spaces separating words require a subtle reading of signals. The trick of actually seeming to contradict the boss in an independent move but actually furthering his hidden agenda is a delicate undertaking. Isn’t a subordinate who truly understands what the boss wants someone to be prized?

When a CEO receives an unsolicited proposal, say involving a relative in a transaction to provide services to a non-family corporation, he will publicly instruct the subordinate in charge of the bid process to avoid the accusation of nepotism and instead independently decide on the strict merits of the case. (I’ve not made any commitments to my relatives on this bid.) This overly emphasized pronouncement provides a clue for the faithful vassal to connect the dots. The decision is packaged as an independent judgment against the boss’s explicit (but disregarded) orders not to favor a relative. She is not really related by blood, but merely a town mate. And although she does not offer the lowest cost, she dresses well, and is very persuasive.

CEOs, no matter how loudly they profess welcoming criticism, independent thinking, and vigorous dissent even in meetings, can privately admit to a close circle of intimates (including the one serving coffee) that the personality fitting this description really pisses him off. (I get a headache when he talks to me.) Such a signal reaches the corporate hit man who takes his cue and proceeds to implement the unordered but devoutly wished outcome. Soon, the fall of the pain-in-the-ass is greeted a little sadly by the boss — it’s too bad that we are now deprived of such an independent point of view. But it’s surely a lot quieter in the office — can I have more coffee?

Still, history records the possibility of mixed signals. The 12th Century tale of Thomas Beckett and his king, Henry II is the classic case of vassals trying too hard to please their master. A close friend of Henry, Beckett was first appointed Chancellor and then, even not a priest, Archbishop of Canterbury. In many cases of conflict with the King, including whether clerics should be tried in ecclesiastical or civil courts and the excommunication of supporters, Henry despaired of the independence of his friend and appointee. Offhandedly, he declared, “Will no one rid me of this troublesome priest?” Seeming to have been given the signal, some nobles kill Beckett in his own cathedral. Henry is remorseful at this turn of events and makes a pilgrimage to Rome to beg forgiveness from the Pope himself. Beckett was later canonized as a martyr and became the symbol of religious resistance to worldly power.

It is the fate of overeager subordinates who on their own implement an unexpressed order (maybe even a contrary one) to deal with the consequences. In case their action turns sour, the next victim could be the over-eager interpreter of messages from above.

What refuge is there for the subordinate who seems to go against the publicly expressed wishes of his boss? The defense that one has unfortunately misread the signals is the fate of a bumbler who has to justify actions that seem to have been independently taken on behalf of the boss.

Getting the message across should be straightforward. Unfortunately, what the boss says publicly is not always what he really believes. But telling the difference between pronouncements and real wishes can be a hazardous undertaking… but not for the misunderstood boss.

 

A. R. Samson is chair and CEO of Touch DDB.

ar.samson@yahoo.com

Brain drain hits PHL but ‘relatively attractive’ to expats — IMD

THE PHILIPPINES is in a tier of countries affected by brain drain but remains somewhat attractive to expatriate workers, international business school IMD said, citing the results of a study.

It said the worst cases of brain drain are to be found in Croatia, Greece, Bulgaria and Brazil.

In the same tier as the Philippines are Mexico, China and India, which IMD characterized as having “somewhat high levels of brain drain but… able to remain relatively attractive to expat professionals.”

The top tiers consist of Norway, the Netherlands, Canada and Singapore in one group, and Iceland, Finland and the Czech Republic, where brain drain is low while attractiveness to expatriates is high.

The study, conducted by IMD professors Shlomo Ben-Hur and Arturo Bris with Jose Caballero, found that the key drivers for countries enjoying talent advantages include legislation that promotes scientific research, liberal immigration laws, and political stability.

It also cited the agility and adaptability of companies to market changes, and the inclusiveness of their cultures, which makes them attractive to foreign talent.

The quality of a country’s education system, health care system, and pay levels were also cited as factors.

Your Weekend Guide (January 12, 2018)

Comedy nights

IT will be a night of laughs as Teatrino and Comedy Manila present Funny Fridays: Can’t Stop Laughing on Jan. 12, 8:30 p.m., at the Teatrino, Greenhills Promenade, San Juan. Tickets are at P500. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999) or Teatrino (722-8310 local 116 or 721-2949).

Cynthia Alexander album release

SOS Movement and Organisasyon ng Pilipinong Mang-aawit (OPM) present Cynthia Alexander in a concert to launch the release of her new album, Even Such is Time, Jan. 13, 7 p.m., at the Music Museum, Greenhills Shopping Center, San Juan City. She will be joined onstage by her guest Ben & Ben. Aside from CDs, the singer has made Even Such is Time available for digital download through bandcamp. All proceeds from the download go into a work fund which will cover the cost of future recordings. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999). For more information, contact the Music Museum at (721-6726).

SINGER Cynthia Alexander — CYNTHIA ALEXANDER’S FACEBOOK/PHOTO BY PAUL JAVIER

The Art of Medicine

TO mark its 50th anniversary and held in partnership with the UP College of Medicine Class 1995, The Saturday Group of Artists presents the opening preview of The Art of Medicine on Jan. 13, 6 p.m. at the Saturday Group of Artists Gallery, 4th Level, Edsa Shangri-La Mall East Wing. For ticket inquiries, contact Honey (0922-414-8585) or Carla (0927-864-1111). Tickets will also be available at the gallery.

Films set in cities

A SCENE from Stalker

THE Museum of Contemporary Art and Design (MCAD) at De La Salle-College of Saint Benilde (DLS-CSB) will be screening features and a documentary that focus on the cities as an integral part of the narrative. To be shown on Jan. 12 and 14 is Andrei Tarkovsky’s award-winning Stalker. Dubbed as one of the best films of the latter half of the 20th century, it is based on the novella Roadside Picnic by Boris and Arkady Strugatsky. It follows two men escorted by their guide, the Stalker, into The Zone, a highly guarded post-apocalyptic wasteland, in search of the mythical space The Room, which fulfills a person’s innermost desires. To be shown on Jan. 17, 19 and 21 is Gary Hustwit’s documentary Urbanized which discusses how cities are designed, and features some of the world’s foremost thinkers, policy makers, planners, architects, and builders. Francesco Rosi’s landmark movie on political corruption in post-war Italy, Hands Over the City, will be presented on Jan. 24, 26 and 28. The film won the Golden Lion Award at the 1963 Venice Film Festival. All screenings will be held at the MCAD Multimedia Room, with two showings on Wednesdays and Fridays, at noon and 3 p.m., and at noon on Sundays, and are free and open to the public. MCAD is located at the School of Design and Arts Campus, Pablo Ocampo Ave., Malate, Manila. For inquiries, e-mail mcad@benilde.edu.ph or call 230-5100 local 3897.

 

Equities decline as market corrects after climb

LOCAL EQUITIES dropped on Thursday along with regional markets due to rising global bond yields.

The bellwether Philippine Stock Exchange index (PSEi) gave up 1.2% or 107.04 points to finish at 8,813.25 on Thursday.

The broader all-shares index reflected this performance as it finished with a 0.83% decline or 42.76 points to 5,101.41.

“Market corrected today (Thursday). This was precipitated by the increase in international bond yields…which are rising because most markets are normalizing, they’re reducing the stimulus placed on the market,” Diversified Securities, Inc. equities trader Aniceto K. Pangan said in a phone interview yesterday.

Regina Capital Development Corp. Managing Director Luis A. Limlingan noted an accelerated rise in the yield of 10-year US treasury notes. German yields were also reported to be the highest since end-October.

“Treasuries had a bumpy ride which saw yields tick up to 2.59% before retreating back to 2.55% level,” Mr. Limlingan said.

Due to the rise in yields, the Dow Jones Industrial Average closed flat with a decrease of 0.07% or 16.67 points to 25,369.13. The S&P 500 index closed 0.11% or 3.06 points lower to 2,748.23, while the Nasdaq Composite index slipped 0.14% or 10.01 points to 7,153.57. 

Nevertheless, Diversified Securities’ Mr. Pangan noted that yesterday’s decrease is a healthy correction for the PSEi.

“We have already gained more than 5%, so it’s just rational that investors will go on profit taking. The correction is a healthy correction considering how fast the market appreciated,” he said.

The mining and oil sector was the lone sub-index that ended in positive territory, rising 0.28% or 34.19 points to 11,897.71. The rest of the counters ended in the red, with most losing more than 1% from the previous trading day. Property dropped 1.89% or 77.54 points to 4,005.12; holding firms went down 1.16% or 106.29 points to 8,989.44; and services shed 1.04% or 17.09 points to 1,618.95.

Industrials also slipped by 0.98% or 115.19 points to 11,575.95, while financials were down 0.14% or 3.25 points to 2,317.47.

A total of 919.10 million issues switched hands on Thursday. Total value turnover was at P7.74 billion, higher than Wednesday’s P6.53 billion.

Losers outpaced advancers, 120 to 88, while 54 names closed flat.

Foreign investors snapped a four-day buying streak as the market recorded a net foreign outflow of P878.96 million yesterday, against inflows of P626.45 million on Wednesday.

Most Southeast Asian stock markets also dropped on Thursday, tracking Asia and Wall Street overnight which snapped a six-day rally on investor concerns that China, the world’s biggest holder of US Treasuries, might slow or halt its bond buying.

Benchmark 10-year Treasury yields jumped to a 10-month high.

Asia shares ex-Japan were down 0.50% as of 0400 GMT. — Arra B. Francia with Reuters