MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) closed high today as last-minute funds pushed the index to close at its highs. The index ended at 7233.29, higher by 46.67 points or 0.65 percent versus yesterday. The broader all-share index is up by 0.64 percent.
The rally was across the board as all sub-indices closed higher today than yesterday. The best performing sub-index is the Financial sector, which rose to 1.24 percent. This is followed by the Industrial sector, which was 0.67 percent higher than yesterday’s figures.
Within the Financials space, BPI rallied 2.25 percent to close at 91.00. BDO closed at 131.00 higher by 1.16 percent. MBT closed at 68.80, 1.40 percent higher, while SECB closed at 202 up by 0.60 percent.
Within the Industrial sector, AP rose sharply by 3.60 percent to close at 36.00. URC closed at 121.00 up by 0.67 percent. MWC is up by 1.67 percent at 27.45, while JFC closed at 246, 0.41 percent higher.
The most active stocks today include MBT with PHP 613.6 million in traded value, ALI with PHP 472.5 million, and AC with PHP 379 million.
The significant gainers include AB by 27.04 percent, WIN by 21.88 percent, LIHC by 8.93 percent and ORE by 8.70 percent.
The notable losers include X by 8.36 percent, JAS by 7.62 percent, ECP by 4.58 percent, and MAH by 4.10 percent.
There were 113 advancers and 73 decliners, while 54 names remain unchanged.
The market turnover totaled to PHP 5.06 billion. Foreigners bought PHP 2.82 billion worth of Philippine equities and sold PHP 3.33 billion resulting in a net foreign selling of PHP 509.9 million.
The Philippine Government plans to borrow up to PHP 1.189 trillion from domestic and foreign resources next year. The amount will be used for the Build Build Build program.
PHP 891.7 billion will be raised domestically, while PHP 297.2 will be sourced abroad. In its meeting on July 2, 2018, the Development Budget Coordination Committee finalized its borrowing ratio at 65-35 in favor of domestic borrowing in 2018. The figures will increase to 75-25 ratio from 2019 until the end of the President’s term.
However, the government may face higher borrowing cost as local interest rates are expected to rise because of higher-than-expected inflation. The same situation is presumed with the prices abroad.
The government has a PHP8 trillion infrastructure plan until 2022, in a bid to keep the economy growing within the 7-8 percent per year target.
The index rallied slightly but is still having resistance at the 15 EMA and 20 SMA in the daily chart. Foreigners also continue to record outflows.
MACD is already turning bullish. RSI is moving sideways. Our support levels are still at 7145, 7000, and 6900, while resistance is expected at 7350 followed by 7486.
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