Manila, Philippines – The Philippine Stock Exchange Index rallied strongly today. The index closed at 7383.0, which is higher by 248.27 points or 3.48 percent.
The broader all-share index is lower by 2.16 percent.
The rally was across the board with all sub-indices closing higher.
The best performing sector is the Financial sector, which rose by 4.72 percent. It is then followed by the Property sector, which inclined by 3.15 percent.
Within the Financials sector, BDO led the sub-index higher as it closed at 120.6. This figure is higher by 7.58 percent versus yesterday’s close.
Moreover, BPI closed at 83.90, an increase of 4.88 percent. MBT closed at 68.00, which is higher by 6.25 percent.
Within the Property sector, ALI led the sub-index higher as it closed at 41.75 The figure is higher by 4.90 percent versus yesterday’s close. SMPH closed at 37.00 higher by 2.78 percent.
Furthermore, FLI closed at 1.46, a rise of 3.55 percent. MEG closed at 4.42, a 6.00 percent increase.
Which Stocks Traded the Largest Volume?
The most active stocks today include AEV with PHP 1.78 billion in traded value. SM made it to the top gainers with a traded value of PHP 694.74 million. SMPH also had PHP 545.78 million in traded value.
Significant gainers for the day include TUGS, which is higher by 9.05 percent; BDO, by 7.58 percent; AGI, by 7.44 percent; and, ECP, by 7.29 percent.
Joining the gainers are TECH rising by 7.04 percent, AEV by 6.35 percent, and MBT by 6.25 percent.
On the other hand, the notable losers include ABG, which was down by 29.32 percent; PIP, by 7.40 percent; STI, by 5.41 percent; and, DMW, by 4.04 percent.
There were 114 advances and 86 declines, while 43 names remain unchanged. Value turnover totaled PHP 11.25 billion. Foreign exchange rate stood at USD 1: PHP 54.075.
PT&T To Raise Funds
The Philippine Telegraph and Telephone Corp. (PT&T) plans to raise PHP 7 billion to fund its expansion plans on its fixed-line coverage nationwide within the next two years.
In a press conference last Thursday, PT&T Chief Executive Officer James G. Velasquez stated that the company commenced its expansion outside Manila and other areas in Region 3, Central Luzon, and 4A or MIMAROPA.
The listed company signed a memorandum of understanding (MoU) with state-owned National Transmission Corp. The agreement will allow the company to use the government’s national fibre optic backbone facility.
This also will help the company to expand its fibre footprint from 10,000 kilometres to 20,000 kilometres. PT&T aims to boost its operations after being buried in PHP 8.8 billion debt.
The company recently announced that it was finalizing the debt-to-equity conversion to finally clean up its balance sheet and wipe out its debt. It will be done by increasing the authorized capital stock from PHP 3.8 billion to PHP 15.6 billion.
PT&T hopes to resume trading in the Philippine Stock Exchange after its voluntary suspension in 2004.
Renato B. Garcia, a director of the company, said they are in talks with foreign investors to fund its endeavor to become the third telco in the country. However, he did not disclose the details of the transactions.
Index Finally Moves Higher
The index made a massive rally today with good volume. However, the 20 SMA made a bearish crossover with the 50 SMA.
The 15 EMA, 20 SMA and 50 SMA may still act as resistance. MACD is turning bullish.
RSI has also reversed and is nearing neutral levels. Estimated support is at 7242 while expected resistance is at 7413.
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