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Bellweather index breaches 7,800 then retreats

The Philippine benchmark index (7,723.14, -0.76%) tested the 7,800- level in the first minutes of trade before succumbing to profit taking for the rest of the trading session. Around 1.62 billion shares worth P9.5 billion changed hands today, with value turnover getting a boost from the overnight equity placement by MPI (4.97, -5.15%) which was consummated through several block sales. Almost all the counters retreated, with the mining and oil sector (16,085.24, -1.80%) posting the biggest percentage decline due to the extended weakness of SCC (155.20, -2.94%). The industrial index (12,894.52, -1.33%) dropped considerably as well, as URC (216.20, -3.48%) succumbed to profit taking after its strong run-up yesterday. Apart from Metro Pacific, the holding companies index (6,804.93, – 0.90%) was pulled lower by SM (912.00, -1.41%), JGS (65.00, – 1.52%), and AC (719.00, -1.24%). The property sector (2,957.26, -0.96%) was pulled lower mainly by ALI (35.50, -1.53%), while the financial index (1,776.25, -0.37%), was weighed down by SECB (155.00, -2.70%), BPI (97.55, -0.46%), and MBT (94.00, -0.58%). The service sector (2,196.14, +0.35%) was the only bright spot among the counters today, buoyed by a new 52-week high from RRHI (84.00, +1.20%) as well as the slight rebound of gaming firms BLOOM (10.60, +2.71%), MCP (9.80, +1.03%), and RWM (6.83, +0.44%) which were heavily sold down yesterday following recent updates of the Chinese government’s crackdown on gambling.

source Techistock.net

Third time’s the charm

The PSEi (7,716.06, +1.35%) tested the 7,700 psychological level for the third time and finally managed to close above it, rising to a new intraday high of 7,738.12 before succumbing to a little profit taking near the end of the session. This also marks the local bourse’s eighth time to break its record close this year. All the sub-indices flashed green today, led by the service sector (2,185.42, +1.97%) which was lifted mainly by telecommunication giant TEL (3,086.00, +3.56%). The mining and oil index (16,202.91, +1.66%) was not too far behind, buoyed by gains from SCC (156.90, +4.60%) which closed at a new 52-week high. BDO (114.00, +2.24%), MBT (94.70, +1.50%), PNB (87.00, +2.35%), and BPI (98.20, +0.26%) sustained the upward momentum of the financial index (1,784.46, +0.96%), while the property sector (2,987.73, +0.98%) took its cue from ALI (36.00, +1.69%), which captured the highest amount of total trades for the day. The industrial sector (12,674.34, +0.92%) made a rebound due to JFC (229.40, +1.96%), EDC (8.56, +1.42%), URC (206.00, +0.49%), AP (44.95, +1.24%), MER (274.00, +1.71%), and FGEN (30.45, +1.33%), while the holding companies index (6,832.91, +0.89%) got its strength from LTG (15.36, +9.71%), AC (730.00, +2.10%), DMC (15.80, +2.86%), AEV (58.00, +0.78%), GTCAP (1,210.00, +0.83%), and SM (905.00, +0.17%).

source Techistock.net

Window dressing pushes index to new record close

Technistock.Net.White

The Philippine benchmark index (7,689.91, +0.95%) moved towards a new record close, buoyed by month-end window dressing. Around 2.6 billion stocks worth P12.19 billion changed hands today, with gainers outnumbering losers 93 to 89. The property sector (2,992.90, +1.55%) registered the biggest percentage increase for the session mainly due to the rebound of ALI (36.10, +2.56%), RLC (27.80, +4.91%), and MEG (5.20, +1.17%). The holding companies index (6,819.64, +1.46%) was not too far behind, boosted by gains of SM (929.00, +2.09%), JGS (65.50, +2.42%), AGI (25.05, +2.24%), and AC (726.50, +1.32%). A new 52-week high from fast food giant JFC (232.00, +3.57%) lifted the industrial index (12,691.84, +1.05%), while BPI (99.00, +1.54%), PNB (84.20, +5.25%), and BDO (114.50, +0.44%) led the ascent of the financial sector (1,790.12, +0.23%). The service sector (2,156.11, +0.06%), meanwhile, inched higher on the back of gains from PGOLD (42.00, +1.94%), BLOOM (12.38, +0.65%), and GLO (1,746.00, +0.34%). The mining and oil sector (15,754.19, -0.93%), on the other hand, slid further due to gold and copper producers PX (8.44, -2.99%), LC (0.26, -5.45%), LCB (0.27, -3.57%), and MA (0.0150, -6.25%).