Manila, Philippines – The Philippine Stock Exchange Index rallied sharply today. The index closed at 7,804.03, which is higher by 171.77 points or 2.25 percent.
The broader all-share index is up by 2.36 percent.
Most of the sub-indices were up for the day except for the Mining and Oil sector. The best performing sub-index is the Property sector rising by 2.85 percent followed by the Holdings sector rising by 2.03 percent.
Best and Worst Performers for the Day
Within the Holdings sector, JGS led the sub-index lower as it closed at 55.00. This figure was higher by 5.77 percent versus yesterday’s close.
Meanwhile, SMC closed at 160.00 higher by 8.62 percent. AC closed at 990.00 — higher by 1.54 percent. MPI closed at 5.10, which is higher by 5.37 percent.
Within the Property sector, SMPH led the sub-index higher as it closed at 3.77. This figure was higher by 3.56 percent versus yesterday’s close.
Concurrently, ALI closed at 44.30 — higher by 2.78 percent. RLC closed at 21.00, which is higher by 2.44 percent. MEG closed at 4.94 — higher by 1.02 percent.
The most active stocks today include ALI with PHP 1.02 billion in traded value. JFC also made it to the top gainers with a traded value of PHP 581.89 million.
MBT joined the ranks with PHP 539.52 million in traded value.
Significant gainers for the day include FB, which was higher by 15.13 percent; IRC, by 13.46 percent; SMC, by 8.62 percent; and, ORE, by 7.96 percent.
ROX by 7.67 percent, PPG by 7.65 percent, OM by 7.27 percent, APC by 6.28 percent, and MHC by 6.28 percent were also A-listers for the day.
On the other hand, the losers include PHA, which was down by 3.90 percent; PXP, by 3.75 percent; and, SSP, by 3.39 percent.
There were 130 advances and 69 declines, while 50 names remain unchanged. Value turnover totaled PHP 7.32 billion. Foreign exchange rate stood at USD 1: PHP 53.425.
Deficit Widens
For the first seven months of the year, the fiscal deficit widened further as spending outpaced the growth in government revenues.
In July, the government recorded a PHP 86.40 billion fiscal deficit. This figure is higher by 71 percent than the PHP 50.50 billion recorded in the same month in 2017.
Moreover, revenues reached PHP 241.70 billion, a 24 percent increase from PHP 194.60 billion a year ago.
Tax revenues accounted for the majority of total revenues at PHP 217.80 billion. This figure is a 25 percent rise versus last year’s PHP 174.70 billion.
From the total tax revenues, BIR contributed PHP 164 billion while its counterpart, the Bureau of Customs pitched in PHP 52.10 billion.
The Bureau of Treasury noted the increase in collections to the strict enforcement measures, on the back of revenue enhancement measures.
The stronger dollar and higher oil prices also contributed to the rise in collections.
Other non-tax revenues totaled to PHP 23.90 billion in July, which is higher by 20 percent from the recorded PHP 20 billion in July 2017.
Government Expenditures
On the other hand, the government spending reached PHP 328.10 billion for July alone.
This amount is the highest nominal monthly spending for the year. It is also higher than the PHP 245.10 billion recorded a year ago.
Out of the total government spending, infrastructure and other capital outlay spent PHP 283.50 billion. This is 41 percent higher than the recorded PHP 200.50 billion for the same month last year.
For the first seven months of the year, the deficit recorded was PHP 278.40 billion — 36 percent higher versus the same measured period last year.
Revenues totaled to PHP 1.652 trillion, higher by 21 percent versus last year’s PHP 1.372 trillion.T
Meanwhile, the government spending totaled to PHP 1.932 trillion, a 23 percent rise versus the recorded PHP 1.576 trillion in 2017.
Short-Term Breakout
The index rallied sharply today and set to challenge immediate resistance. The 50% Fibonacci retracement line has now assumed support.
At the same time, the price has breached the short-term moving averages which are now turning bullish. MACD is poised for a bullish crossover.
RSI is also turning bullish but is not yet at overbought levels. Support is estimated at 7655 while resistance is expected at 7635 followed by 7824.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P514,211,406.73 as of August 23, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP4,508,963,579.87.
- 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
