During the board discussions of ACEN that was held yesterday September 28, 2022 in the 35th Floor of the Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati City there were several matters approved regarding its Solar power business expansion.

The company has discussed the Investment in and construction of the 300MWp/237MWac Giga Ace 8 Solar Power Project (including transmission line for 1200 MWac) of Giga Ace 8, Inc. in Palauig, Zambales. This includes funding of the 208 MWdc NAREDCO Solar Power Plant Project (including a 100MWdc expansion) in La-lo, Cagayan.

ACEN Continues Investing in  Solar Projects, Zambales, Pangasinan and Cagayan Projects In progress

In Pangasinan it will continue its Investment in a 60MWp solar plant through the acquisition of Sinocalan Solar Power Corporation, the project SPV, and the execution of a Technical Services Agreement with Sungrow Power Renewables Corp, on terms as presented, and subject to agreed conditions precedent and applicable regulatory approvals;

There is also a commitment of up to AUD800 million (in any combination of equity, credit support, and guarantees, and similar arrangements) in relation to the construction of the 520MWdc Stubbo Solar Farm Project in Australia, on terms as presented; and (ii) Authority to ACEN Australia and its relevant subsidiaries to enter into PV module supply agreement for the project.

Stock price of ACEN has plummeted from the past few days following the sell of of risky assets in the market. It has dropped by as much as 30% since the prices broke down from its 20 day moving average.

ACEN Stock Chart Price

The Philippine market keeps going low day by day as it tries to price in all the negative sentiment it receives from Macro and Micro fundamental levels.

Today PSEI is down again by -2.33%, yesterday it close by more than 3% drop.

PSE Stock Chart 09-28-22

There is a net foreign selling of -588.9 Million. The market could still not see its bottom at the moment. It closed below 6k level and is currently sitting at 5,879 and is now at levels similar to the pandemic period last September 2020.

Gainers of the index include BPI closing at 1.63% and ICT at 0.28% while decliners were led by GTCAP shedding -7.77%, ACEN -7.39% and ALI -5.53%.


1BPI                    1.63%

2ICT                    0.28%

3AEV                   0.27%

4PGOLD              0.17%


1GTCAP              -7.77%

2ACEN                 -7.39%

3ALI                     -5.53%

4JGS                    -5.02%

5TEL                    -4.94%

6SCC                    -4.69%

7SM                     -3.93%

8WLCON             -3.48%

9AC                      -3.43%

10MONDE          -3.40%

11AGI                  -3.33%

12BDO                -3.30%

13GLO                 -3.12%

14MER                -2.84%

15MPI                 -2.05%

16LTG                  -2.02%

17EMI                 -1.40%

18URC                 -1.34%

19AP                    -0.97%

20MEG                -0.96%

ASIAN markets are all in red as well, moving similar to what the US stocks are showing. Hongkong dropping by -3.29% while China Index by -2.46%.

SymbolNameLast PriceChange% Change
^N225Nikkei 22526,173.98-397.89-1.50%
^HSIHANG SENG INDEX17,272.03-588.28-3.29%
000001.SSSSE Composite Index3,045.07-48.79-1.58%
399001.SZShenzhen Index10,899.70-275.42-2.46%
^STISTI Index3,117.15-48.35-1.53%
^AXJOS&P/ASX 2006,462.00-34.2-0.53%
^AORDALL ORDINARIES6,659.80-36.7-0.55%
^BSESNS&P BSE SENSEX57,038.31-69.21-0.12%
^JKSEJakarta Composite Index7,098.73-13.72-0.19%
^KLSEFTSE Bursa Malaysia KLCI1,405.52-5.35-0.38%
^NZ50S&P/NZX 50 INDEX GROSS11,119.57-94.92-0.85%
^KS11KOSPI Composite Index2,169.29-54.57-2.45%
^TWIITSEC weighted index13,466.07-360.52-2.61%

The S&P 500 and Dow closed lower again on yesterday as well, sending Wall Street into a bear market as investors grew concerned that the US Federal Reserve’s vigorous war against inflation may cause the US economy to experience a severe slump.

It is currently showing a bearish opening by tonight’s trading.

US Stock Futures

What is happening to the PSE Stock Market?

The benchmark policy rate of the Philippine central bank increased by 50 basis points to 4.25% last week. Rates for overnight deposit and lending facilities also increased by 50 basis points to 3.75% and 4.75%, respectively.

Moreover additional news that the rate interests tigthening will continue again by November is sending shocks to the market.

The peso is slumping and could not keep up with the strong dollar, it closed several times to 59 pesos and based from the technical analysis, price action may tough 60 pesos in the short term. It is good that the peso conversion from overseas money to local people but the benefits could not materialize as inflation keeps prices very high.

Current PSEI RSI level have been oversold for the past few days and now is at RSI 21 already.