Manila, Philippines – The Philippine Stock Exchange was a roller coaster ride today swinging from green to red territory. The market still ended up in a negative area, as it closed at 7376.80, lower by 22.81 points or 0.31 percent.
The broader all-share index is, however, higher by 0.15 percent.
Sub-indices are mixed for today. The Financial, Industrial, and Mining and Oil were higher today, while the Holdings, Property, and Service sector were down today.
The best performing sector is the Industrial sector, rising by 1.00 percent. On the other hand, the worst performing is the Property sector lower by 0.69 percent.
Within the Property sector, SMPH was lower by 1.11 percent, at 36.50. ALI closed at 38.80, down 3.79 percent.
Meanwhile, RLC is also lower by 3.15 percent, to close at 19.40. HOUSE closed at 7.60, down 1.43 percent.
Within the Industrial sector, FB closed at 70.00, higher 1.23 percent. SHLPH is up 1.04 percent, to close at 55.50.
Moreover, MWIDE closed higher at 18.70, higher by 0.44 percent. CHP ascended by 1.30 percent, to close at 3.28.
The most active stocks today include MBT with PHP 489.18 million in traded value. ICT made it to the top gainers with a traded value of PHP 354.30 million. ALI also had PHP 323.11 million in traded value.
Significant gainers for the day include FB higher by 12.90 percent, FOOD by 9.72 percent, PXP by 7.05 percent, VUL by 7.04 percent, IRC by 6.25 percent, and WIN by 5.97 percent.
Significant losers include PRMX down by 6.42 percent, MHC by 5.48 percent, ORE by 3.51 percent, and MAHB by 3.05 percent.
There were 92 advances, 88 declines, while 51 names remain unchanged. Value turnover totaled PHP 3.99 billion. Foreign exchange rate stood at USD 1: PHP 53.51.
Economists said earlier in the day that they expect inflation to clock in faster in 2018. The projected that it would remain at high levels for the next two years as daily minimum wage increases which would add to price pressures.
Last week, it was announced that there would be an increase in minimum wage in at least nine regions ranging from P 9.00 to P56.43.
The Central Bank has factored in an P18-20 increase in the daily minimum wage to the official forecast. This is shorter than the actual minimum wage in effect.
Other factors include higher public spending on infrastructure, recent weather disturbances, higher utility rates, and also global inflation.
Inflation, however, is seen to ease at 3.8 percent in 2019 and 2020.
PCOMP is still consolidating inside a tight range today. The 15 EMA is acting as support again. The 50 SMA is expected as resistance.
MACD is bullish. RSI is currently moving sideways and is at neutral levels. Support is estimated at 7367 followed by 7184. Resistance is expected at 7482.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P195,988,345.95 as of July 23, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP16,325,210,354.84.
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