Manila, Philippines – The Philippine Stock Exchange Index closed slightly higher today. The leading index closed at 7583.52, higher by 66.16 points or 0.88 percent. The broader all share index is down by 0.46 percent.
Sub-indices Mixed
Sub-indices mixed for the day. The Financial, and Mining and Oil sub-indices were lower for the day.
The Industrial, Holdings, Property, and Service sub-indices, however, were higher for the day.
The best performing sub-index is the Property sector, which rose by 1.86 percent. On the other hand, the worst performing sector is the Financial sector lower by 1.44 percent.
Within the Property sector, ALI led the sub-index to close at 42.50, which was higher by 2.66 percent versus yesterday’s close. SMPH closed at 36.00 higher by 1.69 percent.
Furthermore, RLC closed at 20.30, higher by 1.00 percent. HOUSE closed at 7.79, higher by 3.73 percent.
Within the Financial sector, BPI led the sub-index lower as it closed at 89.50, which was lower by 3.56 percent versus yesterday’s close. BDO closed at 128.10 lower by 2.36 percent.
Meanwhile, RCB closed at 29.50, lower by 1.34 percent. CHIB closed at 32.65, lower by 0.31 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include SMPH with PHP 492.50 million in traded value. BPI also made it to the top gainers with a traded value of PHP 348.40 million. SM also had PHP 333.60 million in traded value.
Gainers and Losers for the Day
Significant gainers for the day include VUL, which was higher by 23.23 percent; ABA, by 10.71 percent; PPG, by 10.20 percent, and AC, by 6.73 percent.
Joining the A-listers are IRC, by 5.26 percent; ECP, by 5.26 percent; H2O, by 5.15 percent; ATN, by 5.15 percent; and POPI, by 4.32 percent.
Significant losers include BCOR, which was down by 24.21 percent; HVN, by 8.26 percent; RCI, by 7.20 percent; and ORE, by 5.51 percent.
There were 91 advances and 98 declines, while 58 names remain unchanged. Value turnover totaled PHP 5.16 billion. Foreign exchange rate stood at USD 1: PHP 53.44.
Hot Money Coming Back
Foreign funds reversed the recorded outflows in June. July registered a net foreign inflow though this is still a third lower compared to the same period last year.
Moreover, foreign investments totaled to USD 206.47 million net inflow in July. This figure is a turnaround from the USD 516.12 million worth of outflows in June.
The record ended the two-consecutive month of outflows of May and June.
Foreign investors made USD 959.44 million worth of placements, which is 5.3 percent higher than the USD 910.78 million in June. However, the figure is lower by a third from the USD 1.434 billion recorded a year ago.
As to the outflows, foreign investors pulled out USD 906.15 million. It is the smallest outflow so far since January 2017.
BSP said that this positive sentiment might be in anticipation of good corporate earnings results.
Most of the placements were into shares listed in the Philippine Stock Exchange (PSE). Banks, property companies, holding firms, and food and beverage industries stood to benefit from these inflows.
These investments were able to grab USD 51 million in net inflows. Additionally, USD 11 was placed into peso-denominated debt papers.
Most of the investments came from the United States, United Kingdom, Hong Kong, Singapore, and Luxembourg — accounting for 84.8 percent of the entire total.
The BSP is anticipating a USD 900 million worth of net outflows by the end of the year.
Support Held
The market bounced a bit after touching our immediate support line ever so slightly. The 50% Fibonacci line, however, still appears to be acting as resistance.
The 15 EMA and 20 SMA combined may also provide some headwinds for the index. Of course, our 50 SMA support is still intact.
Nonetheless, MACD is bearish but is starting to reverse. RSI is at neutral levels and is turning bullish once more. Support is still at 7482 while resistance is expected at 7635.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P900,633,617.82 as of August 17, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP5,741,888,198.73.
- 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
