The day's market - January 23, 2008

DOW JONES INDUSTRIAL AVERAGE (DJIA)summary
Index Value: 11,971.19
Trade Time: January 22
Change: Down 128.11 (-1.06%)
Prev Close: 12,099.30
Open: 12,092.72
Day's Range: 11634.82 - 12092.72

The US Federal Reserve Board had an emergency rate cut of 0.75% to try and arrest the declining global equities markets. This aggressive move was announced just before the US markets opened for trading.

The Dow Futures traded lower by more than 500 points earlier in the day so when WallStreet opened, the US equities market immediately fell more than 460 points. It then slowly recovered as the news of the Fed Rate Cut (which brought interest rates down to 3.50%) was slowly digested by the markets. It was able to limit its losses to close just below the 12,000 level.

PLDT (TEL) was down by $2.20 and closed at $65.38. Converting at the rate of PhP 41.30 to the US$; its comes to around PhP 2700. It closed at PhP 2565 yesterday.

Gold traded at around the $890.00 an ounce.

The recovery in WallStreet brought immediate relief to the local equities market and confidence to investors. Sentiment was already up during the pre posting period.

PSEi previous close - 2978.41 (January 22,1970)

time--------------up------------PSEi
9:31-------------1.69----------2980.10

Advancers 45 Decliners 3

9:32-----------88.64-----------3067.05
9:33-----------97.00
9:34----------100.69
9:35----------106.35-----------3084.76

PhP 41.300 vs US$ 1.00

9:36----------102.15
9:37----------107.65
9:39----------110.82
9:43----------112.10
9:44----------113.86
9:45----------115.54
9:46----------115.64-----------3094.05 (day's high)

Thge Philippine Stock Exchange Index (PSEi) peaked near the 3100 level for the day.

9:48----------107.50
9:50----------110.22
9:52----------105.40
9:53----------102.41
9:59----------102.07

The market tries to hold on to its gains in the next half hour or so. It consolidates at around the 3080 level.

10:00---------101.13----------3079.54
10:02---------103.00
10:04---------107.02
10:05---------108.10

PhP 41.291 vs US$ 1.00

10:07---------110.00-----------3088.41
10:10---------105.69
10:14---------105.72
10:18---------107.78
10:19---------109.05
10:23---------109.63
10:27---------104.26
10:36---------105.87

Some investors now chose to take in profits in the second half of the trading session and the market moves lower.

10:39---------101.53-----------3079.94
10:40---------100.89
10:44----------98.00
10:45----------96.45
10:46----------95.56
10:55----------93.77
10:59----------92.61
11:04----------90.13
11:08----------87.49
11:12----------86.16

PhP 41.283 vs US$ 1.00
Asian equities markets were mostly up at this point.

11:13----------84.45-----------3062.86
11:19----------86.08
11:22----------88.92
11:31----------84.28
11:32----------83.64
11:35----------81.57
11:37----------79.73

PhP 41.290 vs US$ 1.00

11:39----------76.53
11:39----------75.38
11:40----------72.78-----------3051.19

The 3050 level was tested as a possible support.
TEL at PhP 2585.
Advancers 104 Decliners 22

11:42----------66.69------------3045.10
11:49----------70.01
11:50----------74.50------------3052.91

The PSEi manages to stay above the 3050 level.

11:54----------75.15
11:55----------76.40
11:58----------82.00
11:59----------85.24
12:01----------79.85-------------3058.26 (+2.68%)
Market Close.

Advancers 107
Decliners 24

A strong rally in WallStreet that breaks the 12,000 level convincingly will again boost investor sentiment in the Philippine Stock market. The next resistance is pegged at the 3100 level and the likely target is the 3121-3129 chart gap left open by yesterday's immediate drop.

Value turnover: PhP 4.507 bn
Cross transactions: PhP 1.552 bn

Sectoral Indices rebounded across-the-board.
M-O +6.18%
Property +4.48%
Holdings +3.04%
Industrial +2.94%
Financial +2.02%
Services +0.96%

The Day's Top Gainers:
BCP :PhP 54.00; +33.33%
ZHI: PhP 0.35; +25.00%
DIZ: PhP 4.90; +19.51%

The Day's Biggest Decliners:
LSC: PhP 1.30; -17.72%
PAL: PhP 5.10; -15.00%
APR: PhP 2.00; -9.09%