The Philippine Stock Exchange Index closed flat today at 8,008.67, higher by 1.21 points or 0.02 percent. The broader All Share index is higher by 0.23 percent.
Most of the sub-indices were higher for the day with the exception of the Holdings and Property sectors which ended lower. The best performing sector is the Service sector rising by 1.22 percent. The worst performing sector is the Property sector which was lower by 1.16 percent.
Within the Service sector, ICT led the sub-index higher as it closed at 107.4, which was higher by 3.27 percent versus yesterday’s close. RRHI closed at 84.00, higher by 2.44 percent. TEL closed at 1240.00, higher by 1.22 percent. BLOOM closed at 10.34, higher by 1.37 percent.
Within the Property sector, ALI led the sub-index lower as it closed at 44.70, which was lower by 1.32 percent versus yesterday’s close. SMPH closed at 39.45, lower by 1.13 percent. MEG closed at 5.25, lower by 2.05 percent. FLI closed at 1.56, lower by 3.70 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include AC with PHP 787.97 million in traded value. SMPH also made it to the top gainers’ list with a traded value of PHP 486.07 million. ALI also had PHP 478.68 million in traded value.
Gainers and Losers for the Day
Significant gainers include PHA, which reached the ceiling price and higher by 50.00 percent, BCOR by 8.33 percent, BEL by 6.05 percent, EEI by 5.33 percent, and SMC by 4.42 percent.
Significant losers include ABA by 7.14 percent, X by 5.16 percent, and VITA by 4.23 percent.
Market Breadth
There were 104 advances, 115 declines, while 34 names remain unchanged. Value turnover totaled PHP 6.19 billion. Foreign exchange rate stood at USD 1:PHP 52.80.
Calata Delisting Still a Go
The Securities and Exchange Commission upheld the rulling of the Philippine Stock Exchange to delist Calata from the local bourse due to trading and disclosure violations. A perpetual ban to hold a directorship position was also imposed on Calata’s chairman, Joseph Calata. Officers of Calata namely Conrado Zablan, Johnny L. Uy, Melvin H. Calata, Edmund S. Solilapsi, Halmond Parker R. Ong, and Jose Marie E. Fabella were also disqualified to hold directorship positions for a period of 5 years following the delisting.
Sought for comment, Joseph Calata in a text message said that “If SEC thinks that the public, which owns the majority share, should be punished by the alleged act of one, is it in tune with its vision that SEC is the champion of investor protection?”
Calata was found to be in violation of Section 13.2 or the Black Out rule. This rule prohibits officers and directors to trade its own shares during a black out period, wherein only they know about any material information that may affect the firm and its shares. Mr. Calata was found to have traded its own shares before any public disclosures were made to the public.
The SEC, however, ruled that it cannot force Calata to buy back its own shares from the public as it does not have enough retained earnings to make a tender offer.
Market Undecided
Market was flat today after making a new high. The 15 EMA and 20 SMA are still bullish and expected immediate support. The 50 SMA may already do a bullish crossover by tomorrow. MACD and RSI are still bullish. Support is estimated at 7869 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
