The market closed slightly lower today. The index closed at 8070.89, lower by 29.41 points or 0.36 percent. The broader All Share index is down by 0.21 percent.
Most of the sub-indices closed lower with the exception of the Holdings sector which closed higher and the Mining and Oil counter which closed flat. The worst performing sector is the Industrial sector down by 0.98 percent followed by the Financial sector down 0.56 percent.
Within the Industrial sector, MER led the sub-index lower as it closed at 367.20 which was lower by 1.00 percent versus yesterday’s close. URC closed at 146.20, lower by 0.60 percent. IMI closed at 12.88, lower by 3.70 percent. DNL closed at 11.78, lower by 1.00 percent.
Within the Financial sector, BPI led the sub-index lower as it closed at 91.70, which was lower by 1.40 percent versus yesterday’s close. BDO closed at 139.20, lower by 0.70 percent. SECB closed at 179.00, lower by 0.40 percent. RCB closed at 26.10, lower by 0.70 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include VLL with PHP 802.41 million in traded value. ICT also made it to the top gainers with a traded value of PHP 592.21 million. BLOOM also had PHP 481.44 million in traded value.
Gainers and Losers for the Day
Significant gainers include MACAY, higher by 50.00 percent, CA by 10.15 percent, PIP by 7.86 percent, X by 7.23 percent, OM by 7.04 percent and BKR by 6.99 percent.
Significant losers include ZHI 10.53, PHA by 8.03 percent, PCOR by 6.01 percent and ABG by 5.13 percent.
Market Breadth
There were 98 advances, 119 declines and 34 names remain unchanged. Value turnover totaled PHP 7.18 billion. Foreign exchange rate stood at USD 1 : PHP 52.24.
BSP Rates Kept Steady
The Bangko Sentral ng Pilipinas (BSP) just had their policy meeting yesterday. They chose to kept rates steady at 4.25 percent to 5.25 percent. This is the second straight month that they held off rates.
They decided that management is already manageable. Baseline inflation forecast 2019 – 2020 is still between 2-4 percent. Inflation has been declining as oil prices abroad has been going down as well as supply on food items becomes stable.
The BSP has raised rates by a total of 175 basis points last year to curb inflation which reached a high of 6.7 percent last year. In January, inflation is only at 4.4 percent. This gives regulators wiggle room to even increase rates.
The next BSP meeting will be on March 21, 2019.
Market Undecided
Meanwhile, the market is still consolidating sideways. Moving averages aligned bullishly with the 15 EMA. The 20 SMA is the immediate support. MACD and RSI are moving sideways as well. Support is estimated at 7990 while resistance is expected at 8281.
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