Manila, Philippines – The Philippine Stock Exchange Index was rather flat today. The index closed at 7596.15, a decline of 2.49 points or 0.03 percent.
The broader all-share index is lower by 0.34 percent.
Sub-indices were mixed today. The Holdings, Industrial, Mining, and Oil sector were higher for the day. Meanwhile, the Financial, Property, and Service sectors were lower.
The best performing sub-index is the Mining and Oil — rising by 0.69 percent. On the other hand, the worst performing sub-index is the Financial sector, which was down by 0.62 percent.
Within the Mining and Oil sector, SCC led the sub-index higher as it closed at 29.50, a 1.72 percent increase versus yesterday’s close.
Furthermore, LC closed at 0.122, a rise of 0.83 percent. APX closed at 0.66, which is higher by 0.95 percent while PX closed at 4.05, higher by 0.25 percent.
Within the Financial sector, BPI led the sub-index lower as it closed at 87.65. This figure is lower by 1.74 percent versus yesterday’s close.
Additionally, BDO closed at 119.30, a fall of 0.75 percent. SECB closed at 190.10, which is lower by 0.73 percent. CHIB closed at 30.60, which decreased by 0.49 percent.
Gainers and Losers for the Day
The most active stocks today include AC with PHP 723.26 million in traded value. ALI made it to the top gainers with a traded value of PHP 525.26 million. MBT also had PHP 472.70 million in traded value.
Significant gainers for the day include IRC, with an increase of 22.51 percent, VUL by 16.58 percent, MRP by 11.11 percent, and OM by 9.68 percent.
Joining the ranks are:
- PLC with 5.88 percent
- PPG with 5.62 percent
- SSI with 5.61 percent
- URC with 5.5 percent
- MHC with 4.84 percent
On the other hand, the notable losers include BCOR, which was down by 11.74 percent; MED, by 6.90 percent; ECP, by 5.35 percent; ABG, by 5.19 percent; TBGI, by 4.76 percent; IMI, by 4.70 percent; and, TUGS, by 4.40 percent.
There were 62 advances and 124 declines, while 55 names remain unchanged. Value turnover totaled to PHP 7.40 billion. Foreign exchange rate stood at USD 1: PHP 53.73.
BSP Seen Increasing Rates Again
The Bangko Sentral ng Pilipinas (BSP) is expected to raise interest rates by another 50 basis points (bps) or 0.50 percent in its next policy meeting. It is amidst a faster than expected inflation in August at 6.4 percent.
This was a worry since inflation was higher despite pressures from food and oil products are seen to stabilize.
On August 9, 2018, the central bank increased rates by 50 basis points after July inflation stood at 5.7 percent. The figure is also the fastest in 9 years.
Year to date, inflation averaged at 4.8 percent, just a notch below the 4.9 percent full-year target.
BSP Governor Nestor Espenilla Jr. made a statement last week, stating that the institution looks at a possible emergency meeting ahead of the scheduled meeting on September 27.
Furthermore, BSP would take strong immediate action to curb inflation as well as stabilize the peso-dollar exchange rate, which almost hit PHP 54.00 last week.
Since the start of the year, the central bank already raised a cumulative 100 basis points in interest rates with rates — hovering between 3.5-4.5 percent.
Trading the Range
PCOMP appears to have registered a candle today. The 50 SMA is still holding as support. However, the 15 EMA and 20 SMA may act as resistance.
MACD has already made a bearish crossover. RSI is also bearish but is already slowing down its downtrend. Support is still at 7482 while expected resistance is at 7635.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P852,575,530.78 as of September 10, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP8,942,740,013.25.
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