Huge drop in the US DJIA drags local equities down anew

The US market suffered another steep drop and the US Dow Lones Industrial Average (US DJIA)declined by 242.66 (-1.97%) points to close at 12075.96. This rattled local investors once again and the market opened immediately down by about a hundred points and never recovered.


PSEi previous close 3181.96 (March 13, 2007)

time----------down-----------PSEi
9:31----------99.71---------3082.25 (open)
9:32----------106.27
9:37----------116.72
9:53----------104.07
10:47---------93.71
10:57---------89.50
11:18---------96.15
11:38--------110.02
11:54--------118.15---------3063.81 (low)
11:59--------109.70
12:01--------107.68---------3074.28( close)
Market Close.

Advancers 110
Decliners 14

Value turnover phP 4.283 billion

All sectors were down.
Property -4.54%
M-O -3.35%
Financial -3.30%
Holdings -3.10%
Services -2.80%
Industrial -2.50%



Asian markets were down in the morning trade.
PLDT which was at PhP 2,400 previously; opened trading at PhP 2,330 and ended at PhP 2335.
The peso was also weaker against the dollar. It was at the PhP 48.70 - 48.72 level in morning trade.


The market retreated after advancing around 160 points the past three days.
The Dow Jones is just hovering just above the 12,000 level and a breach of the support level might lead to another acceleration of a selldown.
It is again important for the 3,000 level to hold its ground to avert further panic.