MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) finished higher today — closing near the day’s high. The index ended at 7350.58, higher by 16.85 points or 0.23 percent versus yesterday’s figures. The broader all-share index is up by 016 percent.
Most of the sub-indices were higher today except for the Property, Mining and Oil sector. The best performing sector is the Financials sector while the worst performing is the Property sector.
Within the Financials space, BPI rallied 2.02 percent to close at 96.00. MBT closed at 70.30 higher by 1.74 percent. SECB ended at 207.40, 2.37 percent higher, while CHIB finished at 33.20 up by 0.30 percent.
Within the Property sector, SMPH dropped by 2.02 percent to close at 35.40. RLC finished the trading day at 19.20 lower by 2.74 percent. DD was also lower by 1.76 percent to close at 1.76 percent.
The most active stocks today include MBT with PHP 565 million in traded value, JFC with PHP 447.2 million, and TBGI with PHP 412 million.
The significant gainers include TBGI by 37.78 percent, FOOD by 8.20 percent, GEO by 6.82 percent, and POPI by 6.02 percent.
The notable losers include ORE by 14.48 percent, NI by 12.42 percent, MAH by 8.89 percent, and AB by 7.46 percent.
There were 84 advancers, 106 decliners while 46 names remain unchanged.
The market turnover totaled PHP 5.53 billion. Foreigners bought PHP 2.75 billion worth of Philippine equities and sold PHP 3.00 billion resulting in a net foreign selling of PHP 262.8 million.
The Department of Budget and Management (DBM) warned the Supreme Court of a potential financial risk after the ruling on government shares. It emphasized that the government share must include BIR collection and all government taxes.
Budget Secretary Benjamin Diokno said that it will file a motion for reconsideration through the office of the Solicitor General.
The said that he does not know the extent of the damage to the national government. However, he reiterated that it could range from PHP 1.2 trillion to PHP 6 Trillion.
Economists suggest opposing views that LGUs have a terrible track record of spending their budget. Some say that the LGU is in the best position to use the money since they are on the grassroots level.
The index rallied slightly but met expected resistance at around 7350. Price is still staying above the 15 EMA and 20 SMA, which signals a bullish momentum in the short term.
MACD is still bullish. RSI is currently at neutral levels. Support is estimated at 7145 while next resistance after 7350 is at 7486.
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