Manila, Philippines – The Philippine Stock Exchange Index closed sharply lower today. The main index closed at 7500.53, lower by 82.99 points or 1.09 percent.
The broader all-share index is down by 0.79 percent.
Almost all of the sub-indices were down today except for the Service sector.
The worst performing sub-index is the Holdings sector, which fell by 2.10 percent. The second-worst performing sector is the Mining and Oil sector, which was lower by 1.55 percent.
Within the Holdings sector, AC led the sub-index lower as it closed at 955.0. This figure is lower by 4.40 percent versus yesterday’s close.
Meanwhile, JGS closed at 51.30 lower by 4.11 percent. SM closed at 918.0, higher by 1.02 percent. GTCAP closed at 874.0, lower by 2.35 percent.
Within the Mining and Oil sector, SCC led the sub-index lower as it closed at 29.15. It is lower by 3.56 percent versus yesterday’s close.
Moreover, NIKL closed at 4.60, which is lower by 3.16 percent. CPM closed at 1.95 — lower by 2.99 percent. LC closed at 0.122, which lower by 1.61 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include APC with PHP 241.50 million in traded value. SM also made it to the top gainers with a traded value of PHP 197.50 million.
SMPH also had PHP 177.65 million in traded value.
Significant gainers for the day include APC, which is higher by 32.61 percent; FOOD, by 16.19 percent; PA, by 13.51 percent; and, CEI, by 12.55 percent.
The following joined the stellar team today: PHES, with 7.78 percent,; APL, with 6.82 percent; and, DFNN, by 6.54 percent.
On the other hand, notable losers include BCOR, which was down by 35.19 percent; PRIM, by 15.03 percent; RCI, by 6.12 percent; ISM, by 5.19 percent; VITA, by 5.02 percent; and, BHI, by 4.84 percent.
There were 85 advances and 115 declines, while 40 names remain unchanged. Value turnover totaled PHP 3.86 billion. Foreign exchange rate stood at USD 1: PHP 53.425.
PLDT On Track of Annual Target
PLDT, Inc., (TEL) together with Smart Communications Inc., announced that it is currently on track to meet its 2018 targets concerning the expansion of its fixed and wireless networks in the country.
The company already rolled out 12,600 Long-Term Evolution (LTE) base stations across the country. It also reached 1.86 million ports for its fiber-power fixed broadband network.
The numbers were met after the company installed more than 3900 new LTE base stations or equivalent to 45 percent of the former 8700 stations.
The companies have an ambitious target of delivering wireless data service to more than 90 percent of the country. They would also like to increase its fixed broadband capacity to 2.2 million ports by the end of 2018.
Moreover, PLDT reached a total of 5.07 million homes regarding fiber power-fixed broadband network. The company expanded its fiber footprint to 204,000 kilometers after mounting more than 29,000 kilometers of fiber cable.
TEL also noted that data is now the main driver of its business — growing by 4 percent to PHP 82.20 billion for the first half of 2018.
PLDT allotted PHP 31.50 billion out of the planned PHP 58 billion capital expenditure for the wireless network while the remaining PHP 26.50 billion is for the fixed line network.
Hanging By a Thread
The index pulled back once again after being rejected at the immediate resistance. The 15 EMA is still acting as stiff resistance while the 50 SMA as support.
Additionally, MACD is bearish. RSI is also bearish but is not yet at oversold levels. Support is estimated at 7484 while resistance is expected at 7635.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P669,911,288.21 as of August 20, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP5,680,924,305.93.
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