Manila, Philippines – The Philippine Stock Exchange retracted after a strong rally for the past few days. The index closed at 7672, down by 101.32 points or 1.30 percent. The broader all-share index is down by 0.89 percent.
All of the sub-indices went down today. The worst performing sub-index is the Property sector, which was down 1.72 percent. It was followed by the Financial sector, which was 1.19 percent lower than yesterday.
Within the Property sector, ALI closed at 40.85, which was 3.20 percent lower than yesterday’s figure. SMPH closed at 37.75, down 0.66 percent.
Furthermore, RLC was lower by 2.10 percent, to close at 19.58. MEG closed at 4.64, rising by 1.28 percent.
Within the Financial sector, BDO closed at 132, which was 1.49 percent lower than yesterday’s figure. BPI closed at 98.00, down 1.90 percent.
SECB was also lower by 0.98 percent, to close at 202. MBT closed at 73.70, falling by 0.41 percent.
The most active stocks today include ALI, with PHP 870.70 million in traded value. BDO also made it to the top gainers with a traded value of PHP 623.11 million. AC had PHP 353.3 million.
Significant gainers for the day include PHA, which was higher by 11.43 percent; MAH, by 9.78 percent; ACE, by 5.26 percent; MARC, by 4.64 percent; and, FOOD, by 4.05 percent.
Notable losers include STR, which was down by 7.74 percent; URC, by 5.88 percent; LRW, by 5.32 percent; SGI, by 4.97 percent; LR, by 4.75 percent; and, PXP, by 4.67 percent.
There were 63 advances and 130 declines, while 52 names remain unchanged. Value turnover totaled PHP 6.89 billion. Foreign exchange rate stood at USD 1: PHP 53.22.
URC released its financial performance for the 2nd quarter and the first half of the year. Net sales reached PHP 64.4 billion, a 6 percent growth versus last year.
The growth was driven mainly by strong demand and growth in the Agro-Industrial & Commodities Division.
Meanwhile, sales for the second quarter grew by 10 percent compared to the 2 percent growth in the first quarter. However, operating income dropped by 11 percent at PHP 6.8 billion
The drop was due to lower coffee volume, and higher selling and distribution expenses.
Net income further declined by 23 percent at PHP 4.90 billion. It was due to lower operating income and foreign exchange gains.
The index pulled back for the first time after rallying for the past five trading days. The 20 SMA is still poised for an upbeat crossover with the 20 SMA.
MACD is bullish. RSI is also bullish and has gone below overbought levels. Support was marked at around 7625. Resistance is expected at 7824.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P255,590,221.04 as of July 31, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP7,490,759,716.47.
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