The Philippine Stock Exchange Index closed slightly lower today at 7989.65, lower by 19.02 points or 0.24 percent. The broader All Share index is higher by 0.08 percent.
All of the sub-indices ended lower today. The worst performing sector is the Mining and Oil sector falling by 0.89 percent. The next worst performing sector is the Property sector which was lower by 0.40 percent.
Within the Mining and Oil sector, PX led the sub-index lower as it closed at 4.07, which was lower by 3.33 percent versus yesterday’s close. NIKL closed at 2.50, lower by 1.57 percent. SCC closed at 124.40, lower by 0.20 percent. PXP closed at 14.92, lower by 0.53 percent.
Within the Property sector, ALI led the sub-index lower as it closed at 44.10, which was lower by 1.34 percent versus yesterday’s close. BEL closed at 2.50, lower by 4.94 percent. FLI closed at 1.53, lower by 1.92 percent. DD closed at 20.40, lower by 1.45 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include AC with PHP 527.96 million in traded value. ALI also made it to the top gainers’ list with a traded value of PHP 489.92 million. PHA also had PHP 431.42 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, PAL by 41.56 percent, SBS by 10.51 percent, BKR by 10.14 percent, AT by 8.93 percent, and PA by 8.33 percent.
Significant losers include PBC by 11.16 percent, ATN by 8.33 percent, X by 6.12 percent, ATNB by 5.77 percent and STR by 5.15 percent.
Market Breadth
There were 77 advances, 120 declines, while 57 names remain unchanged. Value turnover totaled PHP 5.35 billion. Foreign exchange rate stood at USD 1:PHP 52.93.
Ratings Affirmed
Moody’s investor Services, a credit ratings agency affirmed and maintain its “baa2” rating with a “stable outlook” for Metrobank and BDO despite loan defaults from Hanjin Heavy Industries and Construction Corp. Philippines.
Hanjin owes Metrobank a total of USD 70 million and USD 60 million for BDO. Moody’s previously said that the default might bring about negative ratings to banks especially the small time lenders as it would probably result to lower earnings. However, BDO was still given a good rating due to its domestically focused business, above minimum capital requirements, stable profits, good funding and liquidity, as well as increasing profit margins. Metrobank was also cited to be having good liquidity, high capital buffers, good and stable asset quality as well as strong presence in the retail and corporate segments.
The Philippine sovereign rating is also pegged at “baa2”.
A Slight Correction
The index closed lower versus yesterday but managed to close higher than the opening price. It found support at the 15 EMA. The 50 SMA is materializing the bullish crossover with the 200 SMA. MACD though is poised for a bearish crossover but most likely, the MACD line will just bounce away from the signal line. RSI is also moving sideways. Support is estimated at 7869 while resistance is expected at 8024.
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