The market paused its rally today. The market closed at 8007.46, lower by 39.66 points or 0.49 percent. The broader all share index is down by 0.12 percent.
Most of the sub-indices were down for the day with the exception of the Property sector which ended higher. The worst performing sector is the Service sector falling by 1.80 percent. This is followed by the Financial sector by 0.88 percent.
Within the Service sector, ICT led the sub-index lower as it closed at 104, which was lower by 3.70 percent versus yesterday’s close. RRHI closed at 82.00, lower by 4.65 percent. TEL closed at 1225.00, lower by 1.76 percent. BLOOM closed at 10.20, lower by 5.56 percent.
Within the Financial sector, BDO led the sub-index lower as it closed at 130.00, which was lower by 1.52 percent versus yesterday’s close. BPI closed at 92.00, lower by 1.18 percent. SECB closed at 177.60, lower by 1.17 percent. MBT closed at 82.35, lower by 0.18 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include SMPH with PHP 937.78 million in traded value. URC also made it to the top gainers’ list with a traded value of PHP 547.15 million. AC also had PHP 518.80 million in traded value.
Gainers and Losers for the Day
Significant gainers include ATNB, higher by 18.01 percent, ATN by 7.53 percent, ABS by 6.06 percent, ABG by 5.63 percent, and CPG by 5.27 percent.
Significant losers include CEI by 5.92 percent, BLOOM by 5.91 percent, IS by 4.36 percent, IMI by 4.07 percent, PRMX by 3.04 percent and RRHI by 3.41 percent.
Market Breadth
There were 86 advances, 114 declines, while 45 names remain unchanged. Value turnover totaled PHP 5.24 billion. Foreign exchange rate stood at USD 1:PHP 52.515.
Country’s Richest Man Passes Away
Henry Sy, the man who built SM passed away last Saturday morning, January 19 at the age of 94. Sy is the chairman emeritus of SM Investments Corporation, SM Prime Holdings Inc, and BDO Unibank. His wealth is estimated to be around USD 18.3 billion as of September 2018 according to Forbes.
Sy was born in Xianmen in November 1924 and stayed there and studied until the age of 12. He followed his father to the Philippines in 1936 and operated a store that sold soap, sardines and rice. However, when World War II struck, his father decided to go back to China while he stayed. He then started selling shoes to US soldiers after the war. After saving up some amount, he opened a shoe store and named it ShoeMart in Marikina in 1958. He initially had 6 stores and later on expanded to clothing and soft goods.
In 1976, Sy acquired Banco De Oro which was later renamed to BDO Unibank Inc. His first supermall was built in North Edsa in 1985. Later on, many other SM malls were put up in the country including SM City Sta Mesa, SM Cebu, SM Megamall and more. SM Prime Holdings and SM Investments Corp are also the only two companies that have a market capitalization of more than PHP 1 Trillion. BDO is also the largest bank in terms of assets at PHP 2.79 Trillion.
A Slight Pause
The index paused today after making a new higher high. The 15 EMA and 20 SMA are still the expected support. The 50 SMA is nearly done with a bullish crossover with the 200 SMA. MACD and RSI are both bullish. Support is estimated at 7869 while resistance is expected at 8089.
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