The Philippine Stock Exchange Index closed slightly lower today at 8053.20, down by 11.70 points or 0.15 percent. The broader All Share index is down 0.16 percent.
Most of the sub-indices were higher for the day with the exception of the Financial and Holdings sectors which ended lower. The best performing sector is the Services sector rising by 0.87 percent. The worst performing sector is the Holdings sector which was lower by 0.80 percent.
Within the Services sector, TEL led the sub-index higher as it closed at 1328, higher by 3.27 percent versus yesterday’s close. CEB closed at 85.70, higher by 2.02 percent. WLCON closed at 13.20, higher by 1.85 percent. PLC closed at 0.90, higher by 2.27 percent.
Within the Holdings sector, AEV led the sub-index lower as it closed at 62.30, lower by 4.15 percent versus yesterday’s close. JGS closed at 64.65, lower by 2.05 percent. On the other hand, SMC closed at 168.50, lower by 3.16 percent. GTCAP closed at 1020, lower by 1.90 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include AC with PHP 752.71 million in traded value. BDO also made it to the list with a traded value of PHP 449.17 million. SM also had PHP 415.74 million in traded value.
Gainers and Losers for the Day
Significant gainers include PHA, which closed at 1.05 and higher by 16.67 percent, ALCO by 8.99 percent, CPG by 5.56 percent, and RWM by 5.44 percent.
Significant losers include PAL down 12.66 percent, MAH by 8.75 percent and X by 7.75 percent.
Market Breadth
There were 101 advances, 87 declines, while 50 names remain unchanged. Value turnover totaled PHP 6.71 billion. Foreign exchange rate stood at USD 1:PHP 52.86.
Q4 GDP Growth Slower
The GDP for the fourth quarter of 2018 clocked in at 6.1 percent, lower than expectations. This is higher than the third quarter growth of 6 percent but is slower compared to Q4 2017 record of 6.5 percent.
The full year GDP rate is at 6.2 percent, lower than the revised government growth target of 6.5-6.9 percent. This is the 7th year and the 15 consecutive quarter in a row that the country has grown above 6 percent
The Gross National Income (GNI) on the other hand grew by 5.2 percent in the fourth quarter, lower versus the 6.1 percent in the same quarter in 2017. For the entire year, GNI grew by 5.8 percent versus the 6.6 percent growth in 2017.
The government is still positive that GDP will grow faster in 2019 as inflation eases, and election spending and the passage of the Bangsamoro Autonomous Region may drive growth. On the flip side, the legislators failed to ratified the 2019 budget; thus, the 2018 budget is re-enacted and no new project or programs will be funded.
Market Undecided
The market recorded a possible spinning top, a reversal candle that may cause the index to retrace. Nonetheless, the bullish formation is still intact. The 15 EMA and 20 SMA is still estimated support and the moving averages are bullishly aligned. Both MACD and RSI are moving sideways. Support is estimated at 7862 while resistance is at 8341.
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