Manila, Philippines – The Philippine Stock Exchange Index closed slightly higher today. The leading index closed at 7540.92, higher by 13.14 points or 0.17 percent.
The broader all-share index is up by 0.35 percent.
Mixed Sub-indices
Sub-indices were mixed today. The Financial, Industrial, and Holdings sub-indices closed high while the Property, Service, and Mining and Oil closed low.
The best performing sub-index is the Financial sector, rising by 1.01 percent. Meanwhile, the worst performing sub-index is the Mining and Oil, which was down 1.55 percent.
Within the Financial sector, BDO led the sub-index as it closed at 128.70. It was higher by 1.34 percent versus yesterday’s close. BPI closed at 93.50 higher by 1.19 percent.
Concurrently, SECB closed at 201.60, higher by 1.31 percent. MBT closed at 74.30, higher by 0.68 percent.
Within the Mining and Oil sector, SCC led the sub-index lower as it closed at 30.80. This figure is lower by 1.60 percent versus yesterday’s close.
Meanwhile, PXP closed at 14.08 lower by 4.86 percent. PX closed at 4.18, lower by 1.65 percent. AT closed at 3.67, lower by 3.42 percent.
Most Active Stocks
The most active stocks today include GLO with PHP 719.62 million in traded value. SMPH also made it to the top gainers with a traded value of PHP 265.15 million. ALI had PHP 231.73 million in traded value.
Significant gainers for the day include ABG, which was higher by 12.21 percent; BCOR, by 11.76 percent; and, BHI, by 10.00 percent.
On the other hand, the notable losers include ATN, which was down by 5.67 percent, PXP by 4.86 percent, and FOOD by 4.76 percent. The following joined the band: GTCAP, by 4.66 percent; DFNN, by 4.49 percent; ISM, by 4.47 percent; and X, by 4.28 percent.
Market Breadth
There were 113 advances and 91 declines, while 60 names remain unchanged. Value turnover totaled PHP 4.37 billion. Foreign exchange rate stood at USD 1: PHP 53.37.
News of the Day
A Department of Finance (DoF) senior officer stated today that the economy can still meet the bottom figure of the full year GDP target, should the second semester hit at least 7.7 percent. This figure is possible only through capital formation, one of the fastest growing sectors in the country.
Undersecretary Gil S. Beltran reiterated that once the factories and the machines purchased in the second quarter becomes operational, growth in the succeeding quarters will accelerate.
Furthermore, data from the Philippine Statistics Authority (PSA) showed that capital formation grew by 20.70 percent in the second quarter.
The first half of the year registered an average growth of 6.3 percent. It is slower than the government’s target of between 7-8 percent.
GDP growth stood at 6.6 percent and 6.00 percent, respectively, for the first and second quarter.
If capital formation grows by 30-40 percent in the third and fourth quarter, it is highly likely that the 7.7 percent growth overall expansion is still achievable.
Mr. Beltran also added that the slowdown was on consumer spending, which dropped by 0.1 percent. Consumption was 5.70 percent in the first quarter and 5.6 percent in the second.
The figure was due to higher prices of goods and services. However, he added that the country experienced colossal growth even with higher inflation in the past.
Nonetheless, inflation for the second quarter was at 5.7 percent. It brings the yearly total down to 4.5 percent, which is above the central bank’s target range of 2-4 percent.
Technical Analysis
The index appears to halt the downtrend temporarily. The 15 EMA, however, is still poised for a bearish crossover with the 20 SMA. Collectively, they are considered an estimated resistance.
On the other hand, the 50 SMA is expected support. MACD already made a bearish crossover.
RSI is also bearish and is at neutral levels. Support is estimated at 7482 while resistance is expected at 7657.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P645,474,784.57 as of August 15, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP5,119,931,508.80.
- Key Prices for PH Bluechip Stocks 30% Above 52-Week Low - June 4, 2024
- May 2024 Market Sentiment Rating of 30 PH Bluechip Stocks - June 3, 2024
- EquiTalks: ICT, BPI, AEV Updates – 5.29.2024 - May 29, 2024
