MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) is flat today as last-minute bargain hunters pushed the index higher. The market closed at 7186.62 down 0.09 points. The broader all-share index is down by 0.05 percent.
Sub-indices are mixed today with the Financials, Holdings, and Property sector closing higher. Meanwhile, the Industrial, Service, Mining, and Oil were the losers for the day.
The best performing sub-index is the Holdings sector, which was higher by 0.42 percent. The worst performing sub-index is the Industrial sector, which was lower by 0.98 percent.
Within the Holdings space, SM leads the advance closing at 890.00 higher by 1.25 percent. It is followed by AC up by 0.84 percent at 905.50, and SMC higher by 0.73 percent at 138.
Within the Industrial sector, JFC fell sharply by 2.39 percent to close at 245. URC was also lower at 120.20 down by 1.48 percent, while MER was down by 1.12 percent at 354.
The most active stocks today include MBT with PHP 1.12 billion in traded value, ALI with PHP 195.5 million, and JFC with PHP 182 million.
The significant gainers include ISM by 11.45 percent, ABG by 7.08 percent, ORE by 6.98 percent and GSMI by 3.42 percent.
On the other hand, the notable losers include PPG by 4.81 percent, DMW by 4.08 percent, NOW by 3.93 percent, and VUL by 3.68 percent.
There were 81 advancers, 105 decliners while 49 names remain unchanged.
The market turnover totaled PHP 3.38 billion. Foreigners bought PHP 1.10 billion worth of Philippine equities and sold PHP 1.83 billion, resulting in a net foreign selling of PHP 730.88 million.
Government borrowing in May grew by 74.55 percent as the Bureau of Treasury (BTr) accepted more bids for its auction of short-term government securities. Gross borrowing for May alone reached PHP 57.97 billion, versus the recorded PHP 36.69 billion in the previous month.
A total of PHP 55.44 billion was borrowed domestically, while the rest from foreign borrowings. For the last five months year to date, government borrowing totaled PHP 302.58 billion. This is lower by 33.18 percent versus last year but is at 34.07 percent of the target PHP 888.23 billion planned borrowing for 2018.
The Index has marked a possible lower high but so far, the index has not registered a lower low. The short-term moving averages are still acting as resistance.
Support levels are at 7145 followed by 7000 and 6900. Resistance is expected at 7350 followed by 7486.
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