Manila, Philippines – The Philippine Stock Exchange continued its ascent and even breached the 7400 level intraday. The index closed at 7399.18, higher by 48.60 points or 0.66 percent. The broader all-share index is up by 0.44 percent.
Most of the sub-indices were higher than yesterday, except for the Service index, which closed lower today. The best performing sub-index is the Property sector rising by 0.86 percent while the Service sector is lower by 0.07 percent.
Within the Property sector, SMPH led the rally higher by 1.51 percent to close at 36.95. ALI closed at 37.65, higher by 0.40.
RLC was also higher by 1.67, to close at 19.52. MEG closed at 4.67, higher by 0.43 percent.
Within the Service sector, both GLO and TEL were higher, with 1.22 percent and 0.37 percent, respectively. BLOOM, however, closed lower by 3.39 percent, at 9.40. PGOLD was also lower by 1.53 percent, at 45.00.
The most active stocks today include AC with PHP 374.6 million in traded value. TBGI also made it to the top gainers with a traded value of PHP 313 million. SM also had PHP 305 million in traded value.
Significant gainers for the day include ECP, which was higher by 7.25 percent, RCI by 5.71 percent, WEB by 5.33 percent, and APC by 5.32 percent.
Notable losers include TBGI down by 12.90 percent, NI by 5.22 percent, BSC, and IMI both by 5.00 percent.
There were 103 advances and 91 declines, while 46 names remain unchanged. Value turnover totaled PHP 5.46 billion.
Phoenix Petroleum (PNX) has effectively expanded its partnership with Cebu Pacific servicing the latter at two more airports to bring the total to seventeen.
The oil company has secured a contract to provide into-plane services in Dumaguete and Bacolod. It has also started servicing Cebu Pacific in Roxas City, Capiz, and San Jose Airport in Occidental Mindoro.
The Cebu-Mactan airport will be added to the list soon. This contract is on top of the fuel storage and bridging services that the company already provides.
PXP closed at 10.00 today, lower by 2.34 percent versus yesterday’s price.
The index appears to have made a short-term higher high. The 15 EMA is currently acting as support, while the 50 SMA is estimated resistance.
MACD is currently bullish. RSI is also bullish but is at neutral levels. A possible higher high and higher low is already in place in the short term.
Let’s see if the index can extend it to the medium term. Immediate resistance is between 7482-7485. Support is estimated at 7360 followed by 7185.
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