Manila, Philippines – The Philippine Stock Exchange Index rebounded higher today. The index closed at 7851.46, higher by 125.61 points or 1.63 percent. The broader all-share index is up 1.58 percent.
The rally was across the board as all sub-indices are up. The best performing sub-index is the Industrial sector rising by 2.07 percent. This is followed by the Property sector higher by 1.89 percent.
Within the Industrial sector, URC led the sub-index higher as it closed at 138.000 This figure was higher by 3.14 percent versus yesterday’s close.
Meanwhile, FB closed at 74.50 higher by 6.43 percent. JFC closed at 276.80, higher by 2.52. MER closed at 375, higher by 1.35 percent.
Within the Property sector, SMPH led the sub-index higher as it closed at 39.00. It was higher by 2.90 percent versus yesterday’s close.
On the other hand, ALI closed at 42.65 higher by 1.55 percent. MEG closed at 4.81, higher by 3.44 percent. VLL closed at 6.05, higher by 0.83 percent.
The most active stocks today include SMPH with PHP 1.25 billion in traded value. ALI also made it to the top gainers with a traded value of PHP 724 million. GLO had PHP 607.87 million in traded value.
Significant gainers for the day include ATN, which was higher by 11.97 percent; ATNB, by 11.27 percent; GLO, by 8.64 percent; TBGI, by 8.57 percent; ICT, by 7.15 percent; CHP, by 6.97 percent; ALHI, by 6.77 percent; and, HVN, by 6.67 percent.
Meanwhile, the notable losers include PHA, which was down by 6.179 percent; WPI, by 4.94 percent; H2O, by 3.85 percent; and, TUGS, by 3.70 percent.
There were 116 advances and 75 declines, while 52 names remain unchanged. Value turnover totaled PHP 4.97 billion. Foreign exchange rate stood at USD 1: PHP 53.00.
Security Bank Corporation (SECB) reported lower earnings for the first half of the year. Net profit totaled to PHP 4.3 billion, which is 18 percent lower than the PHP 5.3 billion recorded in the same period last year.
The bank attributed the decline mostly from lower trading gains and an increase in provisions for income tax. Trading gains were 59 percent lower compared last year. Provisions for income tax were higher by 55 percent.
On a positive note, the bank’s net interest income was higher by 8 percent at PHP 10 billion. This figure is in comparison with the PHP 9.3 billion recorded a year ago.
Moreover, the net interest income from consumer loans alone reached PHP 7.4 billion, 34 percent higher than the PHP 5.6 billion in the same period last year.
The total outstanding loans reached PHP 383 billion. It is an increase of 12 percent versus the recorded PHP 340 billion a year ago.
Meanwhile, SECB’s non-performing loan (NPL) ratio continued to keep at a minimum at 0.60 percent, which is even lower than last year’s 0.70 percent. NPL reserve cover stands at 261 percent which is the highest in the country.
The bank has set-up a PHP 90 million provision for credit and impairment losses.
Bank deposits now stand at PHP 443 billion, PHP 63 billion or 17 percent higher versus last year. Furthermore, capital adequacy ratio is at 18.46 percent, slightly lower versus last year’s 18.95 percent.
Additionally, the bank’s common equity Tier 1 ratio stood at 16.19 percent.
SECB’s overall total assets stood at PHP 722 billion, which is lower by 6.8 percent versus last year’s PHP 774.7 billion.
The index appears to have made a higher high on the short-term time frame. The short and medium-term moving averages are bullishly aligned.
Nonetheless, MACD is bullish. RSI is also bullish but is not yet at overbought levels. Support is estimated at 7635 while resistance is expected at 7946.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P325,873,058.52 as of August 08, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP2,247,972,519.61.
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