Manila, Philippines – The Philippine Stock Exchange Index was slightly lower today. The index closed at 7832.22, which is a decline of 23.49 points or 0.30 percent.
The broader all-share index closed flat today.
Sub-indices were mixed today. The Financial, Industrial, and Property firms were down for the day while the Holdings, Service, Mining, and Oil sectors closed high.
The best performing sub-index is the Mining and Oil sector, which is higher by 0.65 percent. On the other hand, the worst performing sector is the Property sector — falling to a 0.52 percent drop.
Within the Mining and Oil sector, SCC led the sub-index with a 29.55 rise — higher by 1.90 percent versus last week’s close. PX was flat at 4.10.
Meanwhile, CPM closed at 1.97, which is lower by 0.51 percent. FNI closed at 1.99, a decline of 0.50 percent.
Within the Property sector, ALI led the sub-index as it closed at 43.95. This figure was lower by 1.24 percent versus yesterday’s close.
Furthermore, SMPH closed at 38.55, which is lower by 1.15 percent. FLI closed at 1.99 — lower by 1.27 percent. CEI closed at 0.235 with a 2.08 percent fall.
Most Active Stocks Today
The most active stocks today include AGI with PHP 1.36 billion in traded value. GTCAP also made it to the top gainers with a traded value of PHP 525.82 million.
BDO joined the ranks with PHP 339.25 million in traded value.
Significant gainers for the day include H2O, which rose by 24.04 percent; IDC, by 6.75 percent; ARA, by 6.60 percent; and, IRC, by 6.47 percent.
Moreover, GSMI rose by 5.14 percent; PHEN, by 4.08 percent; and, FB, by 4.04 percent.
On the other hand, the notable losers include UPM, which was down by 7.00 percent; TBGI, by 5.71 percent; and, ATN, by 4.55 percent.
DM Wenceslao Eyeing Government Projects
Listed firm DM Wenceslao (DMW) is keen on participating in government infrastructure projects. The company eyes explicitly the areas of land reclamation, horizontal construction, and dredging.
Some of the projects that the company guns for are the Laguna Lakeshore Expressway Dike Project and the Sangley Point Airport in Cavite. Both of these projects require land reclamation and dredging.
Dubbed as the biggest private-public partnership (PPP), the dike project was introduced during the previous administration. Worth PHP 123 billion, it stretches 47 kilometers long.
The project also involved a 700-hectare reclamation of the express-dike. However, it was deferred because the three groups that qualified for the project failed to submit offers.
The government proceeded with the projects on a piecemeal basis — starting with the PHP 50 billion Laguna Lake Short Network Project. It will connect Manila and the surrounding areas of Laguna Lake.
On the other hand, the airport project has two proposals at present. One of them is from Cavite’s provincial government with a budget of USD 9.3 billion.
The proposal includes reclamation of about 1,500 hectares of land.
Meanwhile, the second offer is from the consortium of Henry Sy and Solar Group’s Wilson Ty. The proposal may include up to 2,500 hectares of land reclamation.
DMW is currently engaged in other projects including the reclamation project in Cebu which covers around 200 hectares of land.
The company plans to spend around PHP 12 billion in the next five years to develop projects in Aseana City. It would include residential, office, and retail spaces.
A Bullish Market?
The index was slightly lower today but still held immediate support. The short-term and medium-term moving averages are bullishly aligned with the 15 EMA and 20 SMA as immediate support.
Nonetheless, the 200 SMA is still expected to act as resistance. MACD is bullish. RSI is moving sideways or consolidating.
Estimated support is at 7824 while expected resistance is at 7946.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P702,458,679.45 as of September 03, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP3,758,094,499.46.