The market closed higher again today at 8,100.30, higher by 41.85 points or 0.52 percent. The broader All Share index is higher by 0.27 percent.
Most of the sub-indices closed higher with the exception of the Industrial and Service sectors. The best performing sector is the Holdings sector. It rose by 1.06 percent. The Financial sector seconded. It rose by 0.25 percent.
Within the Holdings sector, SM led the sub-index higher as it closed at 980, which was higher by 1.71 percent versus yesterday’s close. JGS closed at 63.55, higher by 3.71 percent. AC closed at 927.00, higher by 0.91 percent. AEV closed at 61.75, higher by 0.88 percent.
Within the Financial sector, SCC led the sub-index higher as it closed at 24.15, which was higher by 2.33 percent versus yesterday’s close. NIKL closed at 2.76, higher by 5.34 percent. PXP closed at 14.30, higher by 0.14 percent. CPM closed at 2.110, higher by 0.48 percent.
Which Stocks Traded the Largest Volume?
The most active stocks today include VLL with PHP 802.22 million in traded value. ALI also made it to the top gainers with a traded value of PHP 550.09 million. ISM also had PHP 445.57 million in traded value.
Gainers and Losers for the Day
Significant gainers include ZHI, higher by 13.43 percent, GEO by 11.67 percent, PHA by 8.73 percent, MACAY by 6.67 percent, UPM by 6.25 percent, WEB by 5.98 percent and MRSGI by 5.77 percent.
Significant losers include WIN 7.27 percent and IDC by 4.62 percent.
There were 96 advances, 115 declines and 47 names remain unchanged. Value turnover totaled PHP 7.16 billion. Foreign exchange rate stood at USD 1 : PHP 52.235.
Mislatel Breaks Through a Headwind
Shares of ISM have sizzled once again. ISM traded actively in the first half of trading. P319.64 million was registered. This was after news came out that the Senate has approved the transfer of the controlling interest of Mindanao Islamic Telephone Company’s Inc. (Mislatel) to the Mislatel consortium.
The majority approved the House Concurrent Resolution 23. Only Risa Hontiveros – Baraquel, Franklion Drilon and Panfilo Lacson opposed the move. This resolution would pave the way to the transfer of Mislatel to Udenna Corp and Chelsea Logistics Corporation which is owned by Dennis Uy, a supporter of the President. Mislatel has recently won the latest auction for the third telecommunications provider of the country.
However, the company still needs to submit its business and rollout plans. The foreign documents must be authenticated. That is a part of the post-qualification requirements. The franchise given to Mislatel would run for 25 years.
Meanwhile, the market is still consolidating sideways. Moving averages aligned bullishly with the 15 EMA. The 20 SMA is the immediate support. MACD and RSI are moving sideways as well. Support is estimated at 7990 while resistance is expected at 8281.
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