The Philippine Stock market falls by more than 4% as WallStreet drops more than 200 points

Market Comment / Quotes from an interview:

............." Investors are reluctant to take positions because of heightened risk that what they buy now may lead to losses tomorrow"....................

..........."Investors prefer to cash out as much as possible because they are worried about the size of the impact of subprime loan losses on financial markets'............"Stocks with good earnings and solid fundamentals are getting some favor"................

BusinessMirror - August 15, 2007



The Dow Jones Industrial Average dropped by 207.61 (-1.57%) points to end at 13028.92. This set the local equities market immediately on a freefall.

PSEi previous close - 3263.56 (August 14, 2007)

time------------down--------------PSEi
9:31-----------40.79--------------3222.77
9:32-----------47.64
9:34-----------58.21
9:35-----------59.26
9:37-----------60.48
9:38-----------63.06-------------3200.50

The 3200 level was immediately broken.

9:39-----------65.42
9:43-----------68.66
9:44-----------69.38
9:47-----------73.55
9:49-----------74.03
9:51-----------75.63
9:53-----------76.02
9:56-----------85.08-------------3178.48

There was still no stopping the swelling tide of selling orders.

9:59-----------89.02
10:01----------91.67
10:03----------96.60
10:04----------97.54
10:08----------98.61
10:09----------99.57
10:12---------100.34-------------3163.22

The decline already reached the century-point mark and there is still no sign of a recovery or a hint of a rebound.

10:13---------100.88
10:15---------101.44
10:17---------104.52
10:19---------106.92
10:20---------107.60
10:24---------109.61
10:25---------113.05
10:25---------114.04-------------3149.52

For the next half hour or so, the market moved sideways near the 3150 level.

10:28---------109.20------------3154.36
10:29---------110.13
10:33---------111.78
10:34---------115.45------------3148.11

10:39---------113.79
10:45---------115.08
10:46---------115.95
10:47---------116.53
10:53---------117.65------------3145.91

10:58---------114.00
11:02---------115.83
11:03---------117.05
11:05---------118.46-----------3145.10

At this point, Decliners outnumbered Gainers 122 to 6. The market even dropped lower for the rest of the trading session as blue chip and index issues continue to fall under selling pressure.

11:08---------121.75
11:13---------121.87
11:14---------125.16
11:17---------127.10
11:20---------128.45
11:22---------129.78
11:23---------130.10
11:24---------132.83---------3130.73

Advancers 4 Decliners 130

11:26--------133.54
11:27--------134.63
11:32--------135.12
11:33--------135.60
11:33--------136.81
11:38--------138.64-----------3124.92 (day's low)

Advancers 5 Decliners 133

11:39--------134.70
11:46--------130.57
11:48--------129.36
11:49--------127.05
11:50--------126.33------------3137.23

11:54--------129.58
11:55--------135.00
11:56--------135.85
11:57--------136.59
11:58--------137.38
12:01--------133.22-----------3130.34 (-4.08%)
Market Close.

Advancers 6
Decliners 131

Value turnover PhP 4.042 bn
Cross transactions: phP 1.621 bn

The PSEi now is attempting to close the chart gap at the 3090-3127 levels opened last March 20-21, 2007. Index issues are still experiencing bouts of selling and may keep on weighing the market.
Select second and thirdliner issues did not touch or even come near the lows they reached last August 6, 2007 (when the PSEi closed at 3256.99 and was even higher than today's levels). This may indicate some kind of support on the smaller cap stocks.


Sectoral Indices fell across-the-board.
M-O -5.75%
Holdings -5.04%
Industrial -4.18%
property -4.11%
Services -4.10%
Financial -3.02%

TOP GAINERS:
1. ATN: PhP2.65; +18.30%
2. ATSP: PhP2.70; +8.00%
3. DFNN: PhP0.40; +4.17%

WORST DECLINERS:
1. GOB: PhP0.185; -38.33%
2. MUSX: PhP1.20; -11.76%
3. IMP: PhP15.00; -11.76%
4. MAB: PhP0.023; -11.54%
5. SOC: PhP1.20; -10.45%
6. AP: PhP4.35; -10.31%
7. SHNG: PhP2.70; -10.00%

VALUE TURNOVER:
1. EDC: PhP435 mn (close: PhP6.10; -3.17%)
2. TEL: PhP 411 mn (close PhP2,465.00; -4.46%)
3. AC: PhP298 mn (close PhP432.50; -5.46%%)

VOLUME TURNOVER:
1. OV: 495 mn (close: PhP0.018; -5.26%)
2. AR: 419 mn (close PhP0.0095; -5.00%)
3. OPM: 209 mn (close PhP0.018; -5.26%)


There was no index gainer.

BIGGEST INDEX ISSUE DECLINERS:
1. MAB: PhP0.023; -11.54%
2. FPH: PhP70.00; -7.89%
3. SM: PhP332.50; -6.99%
4. BEL: PhP 1.18; -6.35%
5. FGEN: PhP57.50; -5.74%
6. AC: PhP432.50; -5.46%
7. MERB: PhP88.00; -5.38%
8. PX: PhP 5.30; -5.36%
9. MWC:PhP 13.50; -5.26%
10. HLCM: PhP5.70; -5.00%