Manila, Philippines – The Philippine Stock Exchange Index dropped further today. The index closed at 7638.71, which is lower by 113.56 points or 1.46 percent.
The broader all-share index is lower by 1.49 percent. The decline was across the board as all sub-indices were down for the day.
The worst performing sub-index is the Mining and Oil sector, which was down by 2.86 percent. It is then followed by the Holdings sector, dropping at 1.93 percent.
Within the Mining and Oil sector, NIKL led the sub-index lower as it closed at 4.82. This figure is lower by 8.19 percent versus yesterday’s close.
Meanwhile, SCC closed at 29.50 with a 1.67 percent decline. PXP closed at 14.02 — lower by 5.27 percent. PX closed at 4.02 — lower by 1.47 percent.
Within the Holdings sector, AC led the sub-index lower as it closed at 944.0. It was lower by 2.98 percent versus yesterday’s close.
In addition, JGS closed at 56.30 a fall of 2.93 percent. MPI closed at 5.05, which is lower by 5.25 percent. AGI closed at 13.48, a 6.39 percent decline.
The most active stocks today include BDO with PHP 628.34 million in traded value. GLO made it to the top gainers as well with a traded value of PHP 577.05 million. SMPH also had PHP 412.78 million in traded value.
Significant gainers for the day include PHA with an increase of 8.97 percent, IDC rising at 7.62 percent, and RRHI by 2.44 percent.
On the other hand, the notable losers include PHEN, which was down by 8.26 percent; NIKL, by 8.19 percent; H2O, by 8.09 percent; TUGS, by 7.51 percent; AGI, by 6.24 percent; and STR, by 6.38 percent.
There were 37 advances and 161 declines, while 41 names remain unchanged. Value turnover totaled PHP 6.57 billion. Foreign exchange rate stood at USD 1: PHP 53.55.
Legislators Express Concerns Over Inflation
The senators call for measures to combat inflation which reached 6.4 percent in August.
Senator Nancy Binay asked to prioritize low-income families by giving them financial assistance. She also added that the government should strive to find measures to obtain cheaper petroleum products, especially diesel.
Additionally, Senator Joel Villanueva is currently studying whether to suspend the excise tax on fuel or not.
Earlier last month, Senators Grace Poe-Llamanzares, Joseph Ejercito, and Paolo Benigno Aquino IV called for the abolishment of the fuel excise taxes which fuels the crisis.
Trading the Range
The index continued to falter today but found support at expected medium-term support line. The 15 EMA and 20 SMA acted as resistance for the day.
On the other hand, the 50 SMA was perfect support. MACD is still turning bearish. RSI is also bearish but is not yet at oversold levels.
Furthermore, estimated support is at 7527 while expected resistance is at 7888. From the looks of it, the index currently trades inside a range with the above support and resistance lines.
Foreign Fund Flow
PSEi registered a Net Foreign Selling worth P1,017,020,272.30 as of September 06, 2018.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP5,778,141,753.76.
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