Manila, Philippines – The Philippine Stock Exchange Index was slightly higher today. The index closed at 7853.16, which is higher by 22.20 points or 0.28 percent.
The broader all-share index is down by 0.21 percent.
Most of the sub-indices were up for the day except for the Property and Service sector.
The best performing sub-index is the Holdings sector, closing higher by 0.83 percent followed by the Financial sector with a rise of 0.52 percent.
Within the Financial sector, BPI led the sub-index high as it closed at 94.00. This figure is higher by 1.08 percent versus yesterday’s close.
Meanwhile, MBT closed at 74.15, which is higher by 0.88 percent. BDO closed at 130.00 with a 0.39 percent increase. CHIB closed at 31.90 — rising by 0.47 percent.
Within the Holdings sector, MPI led the sub-index higher as it closed at 5.50. It is a 5.36 percent rise versus yesterday’s close.
Moreover, GTCAP closed at 890, which is higher by 4.46 percent. AEV closed at 53.30, a rise of 1.52 percent. DMC closed at 12.20, which rose by 2.52 percent.
Philippine Stock Market Performance
The most active stocks today include BDO with PHP 506.95 million in traded value. ALI made it to the top gainers with a traded value of PHP 472.64 million.
SMPH also had PHP 370.58 million in traded value.
Significant gainers for the day include PHA, which is higher by 12.16 percent; TECH, by 7.84 percent; ABG, by 6.69 percent; BCOR, by 6.10 percent; and, MPI, by 5.36 percent.
On the other hand, the notable losers include UPM, which was down by 7.00 percent; TBGI, by 5.71 percent; and, ATN, by 4.55 percent.
There were 99 advances and 97 declines, while 50 names remain unchanged. Value turnover totaled PHP 6.25 billion. Foreign exchange rate stood at USD 1: PHP 53.46.
More Grants From China
The Duterte Administration is eyeing an additional ten loan agreements from China to fund its infrastructure projects. President Xi Jinping’s visit here in November will hopefully seal the deal.
Some of these agreements already commenced while the rest are reserved during the Chinese President’s pending visit. The Philippines and China will sign a total of two baskets of projects.
The first basket includes:
- the New Centennial Water Source-Kaliwa Dam Project
- the Philippine National Railways’ South Long Haul Project
- the Chico River Pump Irrigation Project
- the Davao-Samal Bridge Construction Project
- other projects funded by the loan grants
The following are in the second basket:
- the Pasig-Marikina and Manggahan Floodway Bridges Construction Project
- the Safe Philippine Project Phase 1
- the Ambal-Simuay River and the Rio Grande in Mindanao River Flood Control Projects
- the Rehabilitation of the Agus-Pulangi Hydroelectric Power Plants Project
The last meeting between the Philippine and Chinese President was during a forum in China’s Hainan province in April. From this meeting, both parties agreed to a loan amounting to PHP 3.69 billion to fund the PHP 4.37 billion Chico River Pump Irrigation Project.
Furthermore, the investment will carry a tenor of 20 years and an interest rate of 2 percent per annum in a seven-year grace period.
Another grant agreement is worth PHP 4.13 billion to fund the following:
- Binondo-Intramuros and Estrella-Pantaleon bridges
- provision of radio and broadcasting equipment to the Presidential Communications Operations Office
- a feasibility study for the Davao City Expressway Project
- the third phase of the Philippine-Sino Center for Agricultural Technology-Technical Cooperation Program
After Duterte took office in 2016, he secured a $9-billion pledge from China for official development assistance.
Markets Closed High
The index rallied a bit today and appeared to have made a higher high based on the short-term trend.
The 15 EMA and 20 SMA is still immediate support while the 200 SMA as immediate resistance. MACD has just made a bullish crossover.
Nonetheless, RSI is also somewhat bullish but is not yet at overbought levels. Estimated support is at 7635 while expected resistance is at 7946.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P105,354,801.23 as of August 30, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP3,386,623,606.51.
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