Manila, Philippines – The Philippine Stock Exchange Index dropped for the six days straight. The index closed at 7449.20, which is lower by 68.81 points or 0.92 percent.
The broader all-share index dropped by 0.44 percent. Most of the sub-indices went down for the day except for the Service, and the Mining and Oil sector.
The worst performing sub-index is the Industrial sector, falling by 1.75 percent. The Financial sector followed with a 1.42 percent drop.
Within the Industrial sector, URC led the sub-index low as it closed at 140.0. This figure is lower by 6.04 percent versus yesterday’s close.
Furthermore, JFC closed at 269.0 lower by 2.54 percent. MWC closed at 24.0 lower by 1.23 percent. MWIDE closed at 16.90 lower by 1.74 percent.
Within the Financials sector, BDO led the sub-index lower as it closed at 114.0. This figure is lower by 3.39 percent versus yesterday’s close.
In addition, BPI closed at 85.85 with a drop of 1.21 percent. SECB closed at 189.90, a decline of 1.61 percent. UBP closed at 70.50, which is lower by 4.73 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include BDO with PHP 306.09 million in traded value. GLO made it to the top gainers with a traded value of PHP 287.05 million. ALI also had PHP 2801.47 million in traded value.
Significant gainers for the day include IRC, which is higher by 11.97 percent; MJC, by 11.96 percent; NOW, by 11.44 percent; and, PXP, by 9.80 percent.
Joining the topnotchers are VUL with a 9.31 percent increase; OPM, by 7.69 percent; TUGS, by 5.82 percent; and, MHC, by 4.76 percent.
On the other hand, the notable losers include PPG, which fell by 7.59 percent; AEV, by 6.67 percent; URC, by 6.047 percent; and, LSC, by 5.88 percent.
The list of droppers also include SEVN with a decline of 5.66 percent; JGS, by 5.49 percent; and, VITA, by 5.31 percent.
There were 83 advances and 101 declines, while 56 names remain unchanged. Value turnover totaled PHP 5.54 billion. Foreign exchange rate stood at USD 1: PHP 53.94.
Imports Rise: Trade Gap Widens
Exports were flat while imports significantly increased in July which resulted in a higher trade gap. It is one of the reasons cited by the Philippine Statistics Authority that contributed to the depreciation of the peso.
Export merchandise grew by a measly 0.30 percent at USD 5.851 billion in July. It is relatively slower than the 2.8 percent growth recorded in June 2018 and the 21.90 percent recorded in July 2017.
On the other hand, July imports totalled USD 9.397 billion, a 31.60 percent rise for July. This is in comparison with the 24.20 percent growth in June 2018 and a decline of 0.30 percent in July 2017.
It resulted in a USD 3.546 billion deficit in July which is wider than the recorded USD 3.188 billion in June 2018 and USD 1.305 billion in July 2017.
Year to date, merchandise export sales decreased by 2.80 percent to USD 38.744 billion. This amount is lower than the recorded USD 39.869 billion in the same period last year.
Nonetheless, imports surged by 15.7 percent to USD 61.23 billion. This is a little over the recorded USD 52.923 billion in the same period last year.
Cumulatively, the balance of trade year to date totalled USD 22.49 billion. It is a deficit which is 72.3 percent higher than the recorded trade gap of USD 13.055 billion in 2017.
Breakdown of the Range
It appears that the range broke for the day. The price went further downwards with the 50 SMA still as resistance.
Furthermore, the 15 EMA made a bearish crossover with the 20 SMA. Both are poised for a bearish crossover with the 50 SMA.
Meanwhile, MACD is bearish. RSI is nearing oversold levels. Estimated support is at 7360 while expected resistance is at 7482 followed by 7635.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P886,620,085.81 as of September 12, 2018. On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP11,288,483,070.34.
- 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
