The market finally breached the 8,000 level today. The index closed at 8024.14, higher by 120.05 points or 1.52 percent. The broader all share index was higher by 1.19 percent.
All of the sub-indices were up for the day. The best performing sector is the Industrial sector rising by 2.14 percent followed by the Holdings sector which rose by 1.62 percent.
Within the Industrials sector, URC led the sub-index higher as it closed at 141.4, which was higher by 3.74 percent versus yesterday’s close. JFC closed at 324.00, higher by 2.34 percent. MER closed at 398.00, higher by 2.84 percent. AP closed at 37.00, higher by 3.35 percent.
Within the Holdings sector, AEV led the sub-index higher as it closed at 64.4, which was higher by 7.33 percent versus yesterday’s close. JGS closed at 66.30, higher by 2.79 percent. SM closed at 992.00, higher by 0.71 percent. AGI closed at 13.06, higher by 2.19 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include ALI with PHP 544.04 million in traded value. MBT also made it to the top gainers with a traded value of PHP 522.57 million. SMPH also had PHP 391.58 million in traded value.
Gainers and Losers for the Day
Significant gainers include APL, higher by 12.50 percent, LPZ by 7.51 percent, AEV by 7.33 percent and DMW by 5.41 percent.
Significant losers include WEB by 8.36 percent, ALCO by 4.17 percent, and RCI by 3.68 percent.
Market Breadth
There were 125 advances, 80 declines, while 42 names remain unchanged. Value turnover totaled PHP 6.32 billion. Foreign exchange rate stood at USD 1:PHP 52.14.
BSP Hints Less Hike Pressures
Inflation figures went out a few weeks ago. Inflation last December was recorded at 5.1 percent, which is lower than the November inflation rate at 6.0 percent. This was also lower than the consensus estimates at 5.8 percent.
The Bangko Sentral ng Pilipinas (BSP) said that monetary authorities are optimistic that inflation figures in the coming months would scale back to the 2-4 percent target. The current account deficit is also expected to narrow at 2.8 percent of gross domestic product (GDP) form a gap of 3.3 percent in 2018.
Money supply expanded by 8.4 percent in November from 8.3 percent in October. BSP Governor Nestor Espenilla Jr. has also cut the bank reserve requirements by 200 basis points to 18 percent from 20 percent. The bank also wants to resume cutting reserve requirements as soon as inflation eases.
Monetary authorities are now comfortable with regards to current inflation figures and expects full year average at 3.2 percent and at 3.0 percent in 2020.
The next monetary policy meeting will be on February 7, 2019.
Higher highs and higher lows
The index rose strongly today and breach immediate resistance. The 15 EMA and 20 SMA have already made a bullish crossover days ago. The 50 SMA is about to do the same. MACD is also bullish. The long-term uptrend is still intact which started last November 2018. RSI is also bullish though it is already in overbought levels. Support is estimated at 7889 while resistance is expected at 8089.
- Key Prices for PH Bluechip Stocks 30% Above 52-Week Low - June 4, 2024
- May 2024 Market Sentiment Rating of 30 PH Bluechip Stocks - June 3, 2024
- EquiTalks: ICT, BPI, AEV Updates – 5.29.2024 - May 29, 2024
