Manila, Philippines – The Philippine Stock Exchange returned to the green territory as it moved above the 7800 level again. The index closed at 7819.39, higher by 59.84 points or 0.77 percent.
The broader all-share index is up 0.51 percent.
Most of the sub-indices are up except for the Property sub-index. The best performing sub-index is the Financial sector, which was higher by 1.40 percent.
On the other hand, the Property sector was lower by 0.55 percent.
Within the Financial sector, MBT moved higher as it closed at 76.00, which was higher by 3.68 percent versus yesterday’s close. BPI is also higher by 1.25 percent, at 97.00.
Meanwhile, BDO closed at 136.80, higher by 0.96 percent. SECB is also higher by 0.99 percent, to close at 204.00.
Within the Property sector, ALI led the sub-index lower as it closed at 40.50, which was lower by 1.82 percent versus yesterday’s close. DD closed at 26.90 lower by 3.24 percent.
Moreover, BEL closed at 3.18, lower by 0.31. PRMX closed at 3.56, lower by 1.11 percent.
The most active stocks today include BLOOM with PHP 415.21 million in traded value. MBT also made it to the top gainers with a traded value of PHP 396.13 million. ALI made it to the cut, closing at PHP 367.62 million in traded value.
Significant gainers for the day include ATNB, which was higher by 14.29 percent; ATN, by 14.15 percent; TBGI, by 10.53 percent; BKR, by 7.51 percent; TUGS, by 7.28 percent; and, LC, by 6.56 percent.
Notable losers include MJC, which was down by 5.21 percent; PA, by 5.13 percent; AT, by 3.31 percent; and, DD, by 3.24 percent.
There were 126 advances and 67 declines, while 51 names remain unchanged. Value turnover totaled to PHP 5.55 billion. Foreign exchange rate stood at USD 1: PHP 53.09.
Securities and Exchange Commission (SEC) announced today that it had issued draft guidelines for the conduct of initial coin offerings (ICO) in the country.
This draft is to aid a growing number of start-ups using the controversial coin offering to raise funds. The rules were patterned from existing jurisdictions and markets.
Benefits of being an investor in coins and coin offerings include:
- profits through the increase in the value of the tokens or capital gains
- voting or government rights
- usage rights.
The draft will undergo two phases: the first of which is the initial assessment, and the second is the registration proper.
The initial assessment will assess ICO applicants that the tokens they have are not security tokens. Security tokens are “payment, utility, and/or asset tokens that satisfy the definition of securities under the Securities Regulation Code, its implementing rules and regulations, and other issuances of the SEC.”
If SEC sees that the tokens are indeed securities, it will order the applicant to register the coins and ultimately proceed to registration proper. During the registration proper, the applicant will submit required documents, which must include company identification and a brief description of the corporate background of the issuer.
Furthermore, the applicant must submit a document that identifies the problems in the Filipino market that the proposed ICO looks to solve.
The use of the funds to be generated from the ICO, timetable of the ICO campaign and the target market, and risks in participating in the ICO must also be documented and submitted.
SEC will also visit the office of the issuer and inquire on the operating system before it approves the registration of the ICO.
The institution is also asking for the help of banks, investment houses, the public, and related parties to provide comments on the proposed rules on August 31.
Early in January, SEC stopped the ICO of online marketplace KROPS founded by the now delisted Calata Corporation President, Joseph Calata. SEC said that Calata failed to register the securities for sale.
The index is now retesting immediate resistance after a one-day pullback. The short and medium-term moving averages are bullishly aligned.
MACD is bullish. RSI is also bullish but is nearing overbought levels. Support is estimated at 7635 followed by 7482. Resistance is expected at 7820 followed by 7950.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P6,645,665.71 as of August 03, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP2,953,446,754.43.
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