Manila, Philippines – The Philippine Stock Exchange finally broke above the 7,400 level. The index closed at 7,451.37, higher by 69.69 points or 0.94 percent. The broader all-share index is up by 0.61 percent.
The rally was across the board as all sub-indices are up for the day. The best performing sub-index is the Property sector, rising by 1.36 percent. The Holdings sector follows, up by 1.07 percent.
Within the Holdings sector, AC was higher by 2.73 percent, to close at 979. SM closed at 910, higher by 1.11 percent. MPI rose 1.77 percent, to close at 4.60.
Within the Property sector, ALI closed at 38.50, higher by 2.94 percent. MEG is also higher closing at 4.67, up 4.01 percent.
Meanwhile, RLC closed at 19.78, rising by 1.33 percent. FLI rose by 1.38 percent, to close at 1.47.
The most active stocks today include MBT with PHP 438.91 million in traded value. ALI also made it to the top gainers with a traded value of PHP 297.80 million. SM also had PHP 247.50 million in traded value.
Significant gainers for the day include T, which was higher by 34.44 percent; SSI by 9.39 percent; OPM by 8.33 percent; RCI by 6.67 percent; IRC by 6.47 percent; and, PXP by 6.06 percent.
On the other hand, the notable losers include ABS down by 13.83 percent, MWIDE by 13.83 percent, WLCON by 4.66 percent MAH by 4.63 percent and ION by 4.17 percent.
There were 108 advances, 76 declines, while 52 names remain unchanged. Value turnover totaled PHP 3.58 billion.
Bangko Sentral ng Pilipinas (BSP) continues to affirm its control over inflation as people expect a stricter stance to implement a higher rate hike next month.
BSP Governor Nestor Espenilla Jr. stated that the institution has a “firm monetary control” despite the fast-rising inflation. The increase reached 5.2 percent as of last month and 4.3 percent year to date. This is beyond BSP’s target.
The Monetary Board increased rates by 25 basis points in its May and June meeting — bringing the benchmark rates at 3-4 percent.
HSBC said that it sees inflation to peak at 5.5 percent this year and will remain at roughly four percent until the first quarter of 2019.
The index appears to have breached immediate resistance. The 15 EMA is currently acting as support, while the 50 SMA as immediate resistance.
MACD is bullish. RSI is also on an uptrend but is not yet at overbought levels. Support is estimated at 7358 while immediate resistance is expected at 7482.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P203,785,693.82 as of July 18, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP16,670,039,269.30.
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