Manila, Philippines – The Philippine Stock Exchange succumbed to profit-taking today as it closed low. The index closed at 7759.55, lower by 78.67 points or 1.00 percent. The broader all-share index is down by 0.74 percent.
The drop was across the board as all counters closed low. The worst performing sub-index is the Service sector, falling by 1.23 percent.
The Holdings sector also took a hit as it was lower by 1.10 percent.
Within the Service sector, TEL dragged the sub-index lower as it closed at 1354. This figure was lower by 2.24 percent versus yesterday’s close.
Furthermore, ICT was also lower by 2.25 percent, at 87.00. GLO closed at 1850, lower by 1.23 percent. MRP is also lower by 3.50 percent, to close at 6.89.
Within the Holdings sector, SM led the sub-index lower as it closed at 979.50, which was lower by 1.06 percent versus yesterday’s close. JGS closed at 55.80 lower by 2.62 percent.
Moreover, AC closed at 999, lower by 1.58. LTG closed at 17.72, lower by 3.70 percent.
The most active stocks today include JGS with PHP 327.92 million in traded value. ALI also made it to the top gainers with a traded value of PHP 317.33 million. BDO joined the club at PHP 218.51 million in traded value.
Significant gainers for the day include ISM, which was higher by 11.67 percent; MED, by 5.77 percent; TBGI, by 5.56 percent; DD, by 5.30 percent; LPZ, by 5.13 percent; and, RCI, by 4.90 percent.
Significant losers include CAT, which was down by 5.82 percent; MARC, by 5.49 percent; PXP, by 4.80 percent; MAH, by 4.64 percent; and, APX, by 3.82 percent.
There were 76 advances and 120 declines, while 46 names remain unchanged. Value turnover totaled to PHP 6.85 billion. Foreign exchange rate stood at USD 1: PHP 53.095.
Earlier today, the Budget Department announced that infrastructure spending and capital outlays exceeded the first half-program for the year.
Infrastructure spending and capital outlay totaled to PHP 352.70 billion. This figure is 41.60 percent higher versus the PHP 249.10 billion in the same period in 2017.
In addition, the outlay is 4.3 percent higher than the original target of PHP 338.80 billion for the first half.
This was mainly attributed to continuing infrastructure spending by agencies especially on roadways by the Department of Public Works and Highways.
For June alone, capital outlay expanded by 38.50 percent to PHP 71.90 billion from a mere PHP 51.90 billion for the same month in 2017. It is also higher by 23.80 percent versus March’s PHP 58.10 billion.
Budget Secretary Benjamin Diokno noted that the government has a front-loaded construction of some infrastructure in a bid to take advantage of the dry season in the first half of the year.
Total government disbursements for the last semester already reached PHP 1.604 trillion. It is 20.50 percent higher than last year’s PHP 1.331 trillion in the same period. It is also higher by 2.2 percent than the programmed PHP 1.57 trillion.
Of the total disbursements, the personnel services accounted for PHP 460.50 billion, higher by 20.10 percent versus last year’s PHP 383.3 billion. It exceeded the 436 billion target for this year by 5.6 percent.
The increase is mainly attributable to the release of pensions, retirement, and gratuity benefits of military and police retirees.
Meanwhile, Maintenance and Other Operating Expenses totaled to PHP 242.10 billion. The expenses were higher by 16.30 percent versus last year’s PHP 208.20 billion. They also exceeded the programmed budget of PHP 238.10 billion by 1.7 percent.
Local government allotments totaled to PHP 210.60 billion, higher by 8.10 percent. Interest payments grew by 9.20 percent at PHP 165.50 billion. However, it was 4.3 percent below the programmed PHP 173 billion.
The index rejected immediate resistance today as profit taking ensues. The short-term and medium-term moving averages, however, are already bullishly aligned supporting an uptrend.
MACD is bullish. RSI is also bullish and has relieved overbought levels. Support is estimated at 7635 while resistance is expected at 7824 followed by 7950.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P241,694,906.87 as of August 02, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP4,369,643,061.42.
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