The day's market - January 31, 2008

DOW JONES INDUSTRIAL AVERAGE (DJIA) summary
Index Value: 12,442.83
Trade Time: Jan 30
Change: Down 37.47 (-0.30%)
Prev Close: 12,480.30
Open: 12,480.14
Day's Range: 12406.17 - 12681.41

After trading relatively weak for most of the session, the DJIA spiked up when the Federal Reserve Board cut interest rates by an additional 50 basis points to bring it down to 3.0%. It went straight up to advance by around 200 points at one point.
But as the S&P 500 touched a resistance level and news of downgrades on Bond Insurers came out; the US equities market gave back its gains. It once again fell below the 12,500 level and even closed lower.

PLDT (TEL) was up by an additional $1.22 to close at $74.20. Converting at PhP 40.50 to the dollar; it comes to around PhP 3005. It closed yesterday at PhP 2910.

time------------change----------PSEi
9:31----------down 1.94---------3254.59

Advancers 5 Decliners 12

9:32-----------up 2.16
9;33-------------13.04
9:34-------------14.60----------3271.13 (day's high)

TEL trades at PhP 3000.
Advancers 7 Decliners 14

9:35-------------8.31
9:36-------------4.89
9:37-------------3.27-----------3259.80

The markets now heads lower.

9:38--------down 2.83
9:39-------------4.83
9:42-------------6.94----------3249.59

The 3250 level is tested again today.

9:43--------down 4.79
9:44-------------5.03
9:45------------12.56----------3243.97

TEL down to PhP 2955.
Advancers 9 Decliners 36

9:47-------down 13.64
9:48-------------8.72
9:49------------11.54
9:50------------14.70
9:51------------15.31
9:54------------16.76
9:56------------18.52
9:59------------19.14
10:00-----------21.24

TEL at PhP 2940.
Advancers 12 Decliners 52

10:01------down 21.78-----------3234.75 (day's low)
10:02-----------18.67
10:04-----------19.15
10:06-----------19.81
10:07-----------20.46
10:08-----------21.25-----------3235.28
10:09-----------18.27
10:11-----------19.30
10:13-----------16.50
10:14-----------14.94
10:15-----------13.79
10:18-----------12.71

TEL at PhP 2970
Advancers 12 Decliners 64

10:20------down 11.96
10:29-----------15.69
10:31-----------11.55
10:33-----------10.29-----------3246.24
10:37-----------13.31
10:39-----------15.40
10:47-----------16.42
10:52-----------14.23

Advancers 13 Decliners 83

10:54------down 12.08
10:56------------7.94
10:47------------7.26
10:59------------5.90-----------3250.63

The PSEi moves to hurdle and stay above the 3250 level once more.

11:02-------down 5.28
11:03------------2.64
11:05------------6.99-----------3249.54

Advancers 19 Decliners 81

11:09------down 4.59
11:16-----------6.05
11:18-----------3.41
11:19-----------0.75
11:21-----------0.45------------3256.08

The market now struggles to move into positive territory.

11:25--------up 0.14
11:29------down 3.98
11:30-----------5.47
11:32-----------1.76
11:36-----------0.33
11:37--------up 0.27
11:38------down 0.69
11:39--------up 0.74
11:42-----------1.70-------------3258.23

Advancers 19 Decliners 81

11:43------down 1.28
11;45--------up 1.91
11:46-----------2.88
11:48-----------1.78
11:50-----------1.60
11:57-----------4.14
11:58-----------7.90
11:59-----------4.50
12:01-----------9.47------------3266.00(+0.29%)
Market Close.

Advancers 27
Decliners 82

Value turnover: PhP 4.890 bn
Cross transactions: PhP 2.127 bn

PLDT (TEL) alone accounted for a gain of 29.54 points in the Philippine Stock Exchange Index (PSEi. If not for its gains; the market would have ended lower. The broader market shows a lot more of losers than gainers.
This shows that there is still a sense of great uncertainty in the volatility in WallStreet. This has overshadowed the anticipated Fed rate cut and the news that the Philippine 4th QTR GDP was up by 7.4%(the fastest quarterly pace of growth in 31 years. The much hoped month-end window dressing was also non-existent.

Sectoral Indices.
Services +2.67%
Industrial +1.08%
Property 0.00%
Holdings -0.67%
M-O -1.52%
Financial -4.24%

The Day's Top Gainers:
ABS: PhP 29.00; +13.73%
FDC: PhP 4.50; +11.11%
FEU: PhP 900.00; +8.43%

The Day's Biggest Decliners:
JOH: PhP 1.02; -27.14%
BPC: PhP 2.65; -8.62%
MBT: PhP 40.00; -8.05%