Manila, Philippines – The Philippine Stock Exchange continues its very strong ascent, now a little short below the 7800 level. The market closed at its day high of 7773.32, higher by 71.94 points or 0.93 percent.
The broader all-share index is up by 0.64 percent.
Most of the sub-indices are up for the day except for the Financial sub-index, which was dragged down by BDO.
The best performing sub-index is the Holdings sector rising by 1.70 percent, while the Financial sector is down by 1.07 percent.
Within the Holdings sector, AEV closed at 57.75, higher by 5.00 percent. AC closed at 1013, up 2.32 percent.
Furthermore, LTG was higher by 5.94 percent, to close at 18.54. SM closed at 965, rising by 0.52 percent.
Within the Financial sector, BDO was lower by 2.19 percent, at 134. BPI closed at 99.90, down 1.09 percent.
Additionally, SECB closed at 2015, lower by 0.49 percent. CHIB closed at 33.10, falling by 0.30 percent.
The most active stocks today include ALI with PHP 430.44 million in traded value. AC also made it to the top gainers with a traded value of PHP 407.53 million. MBT also had PHP 338.41 million in traded value.
Significant gainers for the day include ATN, which was higher by 9.30 percent; TECH, by 8.81 percent; APL, by 8.70 percent; LTG, by 5.94 percent; ICT, by 5.80 percent; AEV, by 5.00 percent; and, LRW, by 4.78 percent.
Notable losers include ECP, which was down by 5.78 percent; FERRO, by 4.76 percent; and, MAH, by 4.26 percent.
There were 98 advances and 91 declines, while 57 names remain unchanged. Value turnover totaled PHP 5.37 billion. Foreign exchange rate stood at USD 1: PHP 53.285.
BDO released its 2nd quarter and first half performance for the year. Net income reached PHP 13.1 billion, a 1.5 percent drop versus the PHP 13.3 billion recorded in the same period last year.
The bank attributed the drop in the procedural changes in its investment portfolio of subsidiary BDO Life. It took effect early this year.
BDO’s continued acquisition expansion through One Network Bank also ate up the bank’s bottom line.
Without these, BDO would have seen its net income rising by 13 percent.
Net interest income continued to be the bank’s cash cow, which grew by 19 percent at PHP 46 billion. The 20 percent or PHP 1.90 trillion acceleration of customer loans drove this campaign. Total deposits also expanded by 17 percent to PHP 2.3 trillion.
Non-interest income contributed PHP 22.80 billion, lower by 2 percent year on year.
Operating expenses were higher by 12 percent as the bank continues to expand. A total of 45 new branches were opened while documentary stamp taxes went high.
Without the DST taxes, operating expenses would’ve only grown by 10 percent.
The bank continues to remain strong as its non-performing loan ratio continues to be low at 1.2 percent and this is even lower than the recorded 1.3 percent last year.
The index is rallying strong and has not looked back since its breakout on July 24, 2018. It is now approaching its next resistance level at 7824.
The 15 EMA made a bullish crossover with the 50 SMA. The 20 SMA is about to do the same. MACD is bullish. RSI is also bullish but has now hit overbought levels. Support is estimated at 7635 followed by 7482.
Foreign Fund Flow
PSEi registered a Net Foreign Buying worth P511,354,810.72 as of July 30, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP8,614,271,381.10.
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