Manila, Philippines – The Philippine Stock Exchange Index was slightly lower. The index closed at 7830.96 , lower by 13.65 points or 0.17 percent. The broader all share index is down by 0.17 percent.
Most of the sub-indices are down for the day with the exception of the Property sector. The worst performing sub-index is the Mining and Oil sector lower by 1.42 percent followed by the Financial sector falling by 0.94 percent.
Within the Financial sector, BDO led the sub-index lower as it closed at 129.50, which was lower by 0.99 percent versus yesterday’s close. MBT closed at 73.50 lower by 0.47 percent. BPI closed at 93.00, lower by 0.59 percent. SECB closed at 199.90, lower by 1.72 percent.
Within the sector, Mining and Oil, PXP led the sub-index lower as it closed at 15.80, which was lower by 6.51 percent versus yesterday’s close. SCC closed at 28.90 lower by 1.03 percent. FNI closed at 1.99, lower by 0.50 percent. APX closed at 1.58, lower by 2.47 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include ALI with PHP 823.81 million in traded value. MPI also made it to the top gainers with a traded value of PHP 408.56 million. SMPH also had PHP 290.70 million in traded value.
Significant gainers for the day include UPM higher by 21.95 percent, MA by 13.75 percent, FGEN by 6.10 percent, CEI by 5.04 percent, and LRW by 4.68 percent.
Significant losers include STI down by 8.70 percent, TECH by 7.81 percent, and PXP by 6.51 percent.
There were 81 advances, 112 declines, while 51 names remain unchanged. Value turnover totaled PHP 6.01 billion. Foreign exchange rate stood at USD 1 : PHP 53.325.
Government Spending for 2019
The government plans to spend around PHP 36.23 billion for large scale flood control, roads and railway projects in 2019.
It has allocated PHP 3.57 billion to build road and bridge projects under the Department of Public Works and Highways (DPWH) specifically in Growth Corridors in Mindanao Road Sector Projects. An additional PHP 2.34 will be for road upgrading and preservation projects and also the first phase of the PHP 1.85 billion Central Luzon Link Expressway Project.
The DPWH also plans to spend up to PHP 2.2 billion for the first phase of the Metro Manila Flood Management Project and another PHP 1.68 billion for Flood Risk Management Project in adjacent areas to the Tagoloan, Cagayan and Imus Rivers.
In 2019, the Department of Transportation will embark on five railway projects namely: the PHP 2.91 billion 102-kilometer first phase of the Mindanao Railway Project that will run through Digos, Davao and Tagum cities in Mindanao, a PHP 1.52 billion Metro Manila Subway Project that will include the first three stations along Tandang Sora, North Avenue in Quezon City, and Mindanao Avenue; the PNR South Commuter Solis-Los Banos Project costing PHP 1.42 billion, and the 37.9 kilometer Philippine National Railway costing PHP 14.04 billion. It will also subsidize the Metro Rail Transit Line 3 for an amount totaling PHP 4.7 billion.
Markets Closed Flat
The index rallied is hesitating at its immediate resistance. The 15 EMA and 20 SMA is still immediate support while the 200 SMA as immediate resistance. MACD has just made a bullish crossover. RSI is also somewhat bullish but is not yet at overbought levels.. Support is estimated at 7635 while resistance is expected at 7825.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P91,212,253.81 as of August 29, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP3,762,332,496.28.
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