Manila, Philippines – The Philippine Stock Exchange Index closed at its day-low today. The index closed at 7276.82, which is lower by 43.77 points or 0.60 percent.
The broader all-share index is lower by 0.42 percent.
Sub-indices were mixed with the Financials and Service sector closing high. The Holdings, Industrials, Property, and Mining and Oil sector closed low.
The worst performing sub-index is the Property sector, which fell by 2.37 percent. The Industrials sector followed suit — falling by 1.24 percent.
Within the Property sector, SMPH led the sub-index lower as it closed at 36.15. This figure is lower by 2.95 percent versus yesterday’s close.
Moreover, ALI closed at 40.05, which is lower by 3.03 percent. MEG closed at 4.40, a drop of 0.68 percent. BEL closed at 2.42, a decline of 2.02 percent.
Within the Industrial sector, URC led the sub-index lower as it closed at 144.50, which was lower by 1.97 percent versus yesterday’s close.
Furthermore, AP closed at 33.45, which is lower by 4.43 percent. MER closed at 340.0, a drop of 1.73 percent. JFC closed at 257.0, with a 0.77 percent decline.
Which Stocks Traded the Largest Volume?
The most active stocks today include SMPH with PHP 265.02 million in traded value. SM made it to the top gainers with a traded value of PHP 209.56 million. ALI also had PHP 209.55 million in traded value.
Significant gainers for the day include PTC, which is higher by 13.64 percent; ATNB, by 1327 percent; ATN, by 13.16 percent; and, BPI by 4.62.
On the other hand, the notable losers include RCI, dropping by 8.84 percent; AP, by 4.43 percent; and, LTG, by 4.00 percent.
There were 85 advances and 99 declines, while 50 names remain unchanged. Value turnover totaled PHP 5.67 billion. Foreign exchange rate stood at USD 1: PHP 54.23.
AMLC Sets New Requirement
The Anti-Money Laundering Council (AMLC) are now requiring banks, casinos, and other covered business to digitalize their records. This way, AMLC can monitor and fast track records reporting.
It will take effect next month, which aims to make efficient the ferreting out of dirty money deals.
Banks, casinos, insurance firms, and covered entities are required to report transactions worth at least PHP 500,000 and suspicious transactions within 5-10 working days.
The report must also include a recorded keeping for at least 5 years. Due diligence is required in soliciting, accepting and maintaining clients.
Compliance officers of covered businesses require “proactive analysis” of the customer’s financial profile. They are also required to conduct their own surveillance on wealth suspected to be illegal.
In May, the council also obliged lawyers, accountants, jewelry dealers, and fund managers to register its reporting authorities. They should also submit client data to aid in the council’s crackdown on money laundering and terrorist financing.
In light of the recent robot calls, the AMLC also warned that it will never contact the public and request for financial information. This includes credit card numbers, bank account numbers, account balance, and online account transactions through phone, email or other modes of communication.
Market Consolidation
The index appears to gauge its next move as it failed to follow through on the rally yesterday. The 15 EMA rejected the up-move today.
Also, the 20 SMA may act as resistance. MACD is bearish and is moving sideways. RSI is also in support of a consolidation.
Estimated support is at 7242, followed by 7191. Expected resistance is at 7413, followed by 7627.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P29,142,641.82 as of September 28, 2018. On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP13,326,154,169.98.
- 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
