Manila, Philippines – The Philippine Stock Exchange Index closed sharply low today. The index closed at 7,093.34, a drop by 117.53 points or 1.63 percent.
The broader all-share index is lower by 1.19 percent.
The decline was across the board as all sub-indices closed lower than yesterday.
The worst performing sub-index is the Property sector, which fell by 2.58 percent. The Financial industry followed suit, falling by 2.11 percent.
Within the Property sector, ALI led the sub-index lower as it closed at 38.60. This figure is lower by 4.69 percent versus yesterday’s close.
Furthermore, SMPH closed at 34.10, a decline of 1.16 percent. RLC closed at 19.68, which is lower by 3.05 percent. MEG closed at 4.10, a 1.20 percent drop.
Within the Financial sector, BDO led the sub-index low as it closed at 117.00. The amount is lower by 2.50 percent versus yesterday’s close.
Moreover, MBT closed at 66.00, which is lower by 4.35 percent. SECB closed at 144.8, dropping by 3.40 percent. BPI closed at 80.50, with a 0.74 percent fall.
Gainers and Losers of the Day
The most active stocks today include SM with PHP 638.12 million in traded value. ALI made it to the top gainers with a traded value of PHP 337.87 million. SMPH also had PHP 268.89 million in traded value.
Significant gainers for the day include AR, which is higher by 8.33 percent and TECH by 5.00.
On the other hand, the notable losers include PSB, which was down by 9.17 percent, STI by 9.09 percent, TBGI by 8.47 percent, and ATN by 6.77 percent.
Market Breadth
There were 68 advances and 122 declines, while 51 names remain unchanged. Value turnover totaled PHP 4.07 billion. Foreign exchange rate stood at USD 1: PHP 54.18.
Bidding for Rice Importation to Commence
The National Food Authority (NFA) can now proceed on the bidding of importation of 750,000 metric tons of rice after a settlement between its management body and a policy-making council. The agency is keen on increasing its stake in the market to 20 percent.
This bidding will help in achieving this goal. The agency would now deviate from its original measurement policy of dividing its inventory by the number of days it could fill the country’s daily requirement.
NFA assured that the agency has around 5 million bags that could last up to the end of the month on a 128,000-bag daily distribution.
Based on the new policy, the 750,000 metric tons imported would simply be divided into three tranches at 250,000 MT each. The rice would be auctioned every two weeks commencing on October 18, 2018.
The agency expects delivery of the imported rice by the end of November while the rest is expected next year. It is a move expected to reduce rice prices.
New Lower Low
The market closed at a new lower low today for a three-month period. The moving averages are bearishly aligned with the 15 EMA and 20 SMA as immediate resistance.
Furthermore, the candle is extremely bearish with the price closing at its lows. MACD is also bearish.
RSI has resumed its bearish trend and is near oversold levels. Estimated support is at 6993 while expected resistance is at 7134 followed by 7191.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P423,841,775.42 as of October 04, 2018. On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP12,714,348,061.51.
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