Manila, Philippines – The Philippine Stock Exchange rose sharply today as it goes above and beyond the 7400 level again. The index closed at 7447.02, higher by 70.22 points or 0.95 percent.
Most of the sub-indices are up for the day except for the Financial sub-index. The best performing sub-index is the Mining and Oil — rising by 2.23 percent.
On the other hand, the worst performing sector is the Financial sector, which dropped by 0.28 percent.
Within the Mining and Oil sector, SCC recorded high by 4.92 percent, at 4.30. LC closed at 2.10, up 3.31 percent. PXP is also higher by 1.28 percent, to settle at 0.126. APX closed at 1.91, rising by 0.69 percent.
Within the Financial sector, BDO closed at 70.00, which is lower by 1.45 percent from yesterday’s figures. SECB is down 0.59 percent, to close at 55.50.
Moreover, CHIB closed lower at 18.70, higher by 0.15 percent. BPI, however, rose by 0.73 percent, to close at 3.28.
The most active stocks today include MBT with PHP 510.95 million in traded value. ALI also made it to the top gainers with a traded value of PHP 300.6 million. MER also had PHP 212.83 million in traded value.
Significant gainers for the day include BHI, which was higher by 15.09 percent; OPM by 8.33 percent; CDC by 6.67 percent; and, MAXS by 5.93 percent.
Joining the gainers are CHP by 5.49 percent, LPZ by 5.26 percent, BLOOM by 5.15 percent, and SCC by 4.92 percent.
Notable losers include TBGI down by 5.26 percent, TUGS by 5.14 percent, IRC by 4.58 percent, and WIN by 4.23 percent.
There were 107 advances and 92 declines, while 43 names remain unchanged. Value turnover totaled PHP 4.06 billion. Foreign exchange rate stood at USD 1: PHP 53.48.
The government disclosed that revenues and spending exceeded targets last semester, despite the recorded deficit of 27 percent. This happened because of disbursements outpacing revenue growth.
Records from the Bureau of Treasury (BTr) showed that cash operations recorded a budget shortfall of PHP 193 billion in the first half. This is 25 percent higher than the recorded PHP 154.5 billion in the same period last year. This amount, however, is short from the planned PHP 264.3 billion program.
Furthermore, revenues for the period totaled PHP 1.411 trillion, an increase of 20 percent versus last year. The figure is also 8 percent higher than the targeted PHP 1.305 trillion.
Of the total revenues collected, PHP 1.255 trillion came from tax collection. Consequently, the Bureau of Internal Revenue (BIR) accounted for PHP 964.5 billion in taxes. This is a 14 percent growth versus the recorded PHP 848 billion a year ago.
The Bureau of Customs, on the other hand, was able to collect PHP 279.40 billion, a 33 percent rise versus last year’s PHP 210.30 billion.
Non-tax revenues totaled PHP 155.8 billion, 45 percent higher than the recorded PHP 107.50 billion a year ago.
Apparently, disbursements grew by 20 percent.
PCOMP has bounced strongly today and appears to be set to retest previous resistance. The 15 EMA is still consistently acting as support, while the 50 SMA has estimated resistance.
MACD is bullish; RSI is also turning bullish but is far from overbought levels. Support is estimated at 7358 while resistance is expected at 7482.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P47,958,030.65 as of July 24, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP15,701,518,441.92.
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