The Dow Jones Industrial Average (DJIA) dropped 280.28 (-2.10%) the other night (August 28, 2007) and ended at 13,041.85. Another huge drop like that in WallStreet is just too hard to ignore despite the recent advances in the Philippine Stock Market. I purposely did not watch the market lest i too might fall prey to emotional selling.
The local equities market fell upon the opening bell as expected; but this time around, panic selling was tempered.
The 91-day Treasury bills rose its yield to 3.731% from 3.711%.
PSEi previous - 3251.77 (August 28, 2007)
open - 3192.49
high - 3217.27
low - 3171.73 (down 80.04)
close - 3209.53 (down 42.24 points or 1.30%)
It is an encouraging sign that the Philippine Stock Market was able to limit its losses. The PSEi hit the target support of 3170 (as seen last August 24).
Advancers 12
Decliners 109
Value turnover: PhP 3.923 bn
Cross transactions: PhP 1.721 bn
All sectors declined.
M-O -2.74%
Property -2.73%
Financial -2.05%
Industrial -1.59%
Holdings -0.74%
Service -0.49%
All shares -1.47%
The Day's Biggest Decliners
IMP: PhP14.00; -20.00%
PEP: PhP0.49; -15.52%
GEO: PhP1.36; -10.53%
GO: PhP0.225; -10.00%
PO: PhP3.25; -9.72%
Last night (August 29,2007); the DJIA advanced by 247.44 (+1.90%) points to close at 13289.29. This early, asian markets are seen to rebound today. A technical chartist in Bloomberg TV is seeing that WallStreet is still in a bullish phase and has not yet turned bearish as some has feared due to the recent drops. Analysts also are looking forward to a US Fed rate cut by Sept 17, 2007; amid recession fears.
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