Manila, Philippines – The Philippine Stock Exchange traded weaker intraday but was still able to recover and even closed higher during the last minutes of trading.
The index closed at 7381.68, higher by 12.24 points or 0.17 percent. The broader all-share index is up by 0.06 percent.
Sub-indices were mixed for the day with the Financials, Holdings, and Mining and Oil closing low. Meanwhile, the Industrial, Property, and Service sectors closed higher than yesterday.
Best performing sub-index is the Service sector rising by 0.98 percent, while the worst performing sub-index is the Holdings sector down 0.27 percent.
Within the Holdings sector, AC was down 1.90 percent, to close at 953. AEV closed at 53.15, lower by 0.72 percent.
SM declined by 0.11 percent, to close at 900. On the other hand, JGS closed higher by 0.95 percent, at 52.90. MPI is up as well by 2.03 percent, closing at 4.52.
Within the Service sector, TEL closed at 1355, higher by 1.12 percent. GLO closed at 1709, which was up by 2.83 percent.
ICT closed at 81.00, rising by 1.89 percent. On the other hand, BLOOM rose by 0.64 percent, to close at 9.44
The most active stocks today include MBT with PHP 317.25 million in traded value. ALI also made it to the top gainers with a traded value of PHP 291.50 million. SECB had PHP 189 million in traded value.
Significant gainers for the day include TUGS higher by 6.82 percent and LRW by 6.64 percent.
On the other hand, the notable losers include WIN, which was down by 6.58 percent; ECP by 5.85 percent; CLC by 5.00 percent; and, PPG by 4.61 percent.
There were 91 advances and 90 declines, while 55 names remain unchanged. Value turnover totaled to PHP 3.59 billion.
Remittances abroad hit a five-month high last May. Bangko Sentral ng Pilipinas’ report today also signaled growth in household spending.
This expense is vital since 60 percent of the country’s GDP comes from consumption.
In May, the country recorded a total of USD 2.469 billion remittances. This figure is 6.9 percent higher versus the recorded USD 2.31 billion in May last year.
Moreover, land-based workers sent a total of USD 1.90 billion, a 5.3 percent year-on-year growth. Remittance from workers at sea also saw a rise, with 13.20 percent.
The primary sources of remittances are from the United States, United Kingdom, and Singapore.
Year to date records a total of USD 11.922 billion of remittances. This figure is 4.2 percent higher than the USD 11.346 billion in the same measurement period in 2017.
Analysts say that the increase in remittance may have been the result of the devaluation of the Philippine Peso. The USD: Peso Exchange rate closed at USD 1.00: PHP 53.53.
Nevertheless, BSP is still confident that remittances will grow for the full year 2018 and will reach new all-time-highs despite the record high remittance of USD 28.06 billion recorded in 2017.
The index appears to be trying to hold immediate support. The 15 EMA can still be relied upon as support, followed by the 20 SMA. The 50 SMA may again act as resistance.
MACD is already showing bullishness but is still below the zero line. RSI also appears bullish, though it is currently at neutral levels. Support is estimated at 7184 while resistance is expected at 7482.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P481,063,691.00 as of July 17, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP17,114,358,338.40.
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