The day's market - October 19, 2007

The Dow Jones Industrial Average (DJIA) was flat overnight. It closed lower by 3.58 points to end at 13,888.96.

PSEi previous close - 3771.12 (October 18, 2007)

time------------up---------------PSEi
9:31----------2.06-------------3773.18

With lack of solid leads, the local equities market started cautiously.

9:32---------4.43
9:33---------6.00

9:34---------3.82
9:36---------5.38
9:37---------6.95
9:39---------7.51
9:42-------11.10
9:43-------13.43
9:46-------15.38
9:47-------22.12

The market got a sudden boost as PLDT was already trading at PhP 3040, up from yesterday's close at PhP 3025.

9:49-------24.05
9:52-------25.40
9:53-------27.04-------------3798.16

The 3800 level was challenged.

9:54-------31.27-------------3802.39
9:56-------28.28-------------3799.40
9:59-------29.08-------------3800.20

10:05------33.49------------3804.61

When 3000 was finally breached, the advance accelerates.

10:10------34.93
10:11------35.60
10:13------36.08
10:15------39.91

Advancers 38 Decliners 39.

10:17------43.20
10:20------43.74-------------3814.86

Advancers 35 Decliners 39. PLDT at PhP 3090.

10:23-------44.53
10:28-------48.31
10:29-------50.98------------3822.10

Advancers 41 Decliners 41

10;33-------51.89
10:37-------53.65
10:38-------54.18
10:40-------58.63------------3829.75

10:45-------56.35

Advancers 46 decliners 39

10:46-------52.65
10:49-------51.25
10:51-------47.93-------------3819.05

10:56-------48.64
11:02-------49.73
11:11-------52.19
11:17-------56.63
11:24-------57.70
11:26-------60.92
11:27-------65.06-------------3836.13 (day's high)

Advancers 52 Decliners 42. Tel at PhP 3120

11:30-------63.41
11:32-------61.84
11:34-------64.76
11:36-------62.50
11:46-------65.02

Advancers 49 Decliners 49 Tel at PhP 3130.

11:47-------61.47
11:48-------58.70
11:53-------56.93--------------3828.05

Advancers 50 Decliners 55

11:55-------59.79
11:56-------60.31
11:57-------55.88
11:59-------54.68
12:01-------48.63---------------3819.75 (+1.29%)
Market Close.

Advancers 57
Decliners 53
PLDT closed at PhP 3110.
Value turnover: PhP 5.414 bn

Sectoral Indices.
Services +2.48%
Property +1.05%
Holdings +0.41%
Financial +0.38%
Industrial +0.26%
M-O -0.16%

The Day's Top Gainers:
ABSP: PhP 34.50; +13.11%
CAC: PhP 1.80; PhP +12.50%
TA: PhP 1.44; PhP 12.50%
OMW2: PhP 0.011; +10.00%

The Day's Biggest decliners:
IMP: PhP 14.50; -12.12%
OPMB: PhP 0.025; -7.41%
PA: PhP 0.205; -6.82%


Today is the 20th anniversary of the "Black Monday" crash in WallStreet.
In October 19, 1987, the Dow Jones Industrial Average (DJIA) fell 508 points or nearly 23%. (From 2246.74 down to 1738.74) The DJIA is currently at 13888.96.

Some analysts have made some comparisons to the conditions then and today's situation. The Dow had been up 18.5% for the year just before the crash and at its late august peak had risen 43.6% for the year. This year the Dow had just passed 13,000 for the first time and then immediately zoomed further up to 14,000 (and up to now is trying to stay near this level) as investors looked past growing concerns about tightening credit markets and a faltering housing sector.

But it is also pointed out by other market watchers that at that time the Federal Reserve was busy fighting inflation and interest rates higher. The price to earnings ratios back then were also much higher.
The market is also very different today with the technology and the investment boom in the past twenty years already having a huge impact on the fundamentals.