The day's market - January 09, 2008

DOW JONES INDUSTRIAL AVERAGE (DJIA) summary
Index Value: 12,589.07
Trade Time: January 8, 2007
Change: Down 238.42 (-1.86%)
Prev Close: 12,827.49
Open: 12,820.90
Day's Range: 12565.49 - 12906.42

The DJIA broke below its low of 12724 last November 26, 2007.

Gold was up by $18.90 to close at $878.20
Philippine Inflation for 2007 was at 2.8%

PSEi previous close - 3420.56 (January 8, 2008)

time-------------down----------PSEi
9:31------------28.14---------3392.42

Advancers 7 Decliners 17
It was expected that the market will be down from the opening bell. It immediately fell through the 3400 level.

9:32------------26.77
9:33------------27.47
9:34------------29.12
9:35------------30.17---------3390.39
9:37------------26.88

Advancers 12 Decliners 38
PhP 40.704 vs the US$ 1.00
Only the Mining and Oil (M-O) sector was up. It was higher by 0.84%.

9:38------------29.70
9:39------------30.23---------3390.33
9:42------------27.07

Advancers 15 Decliners 38

9:44------------25.40
9:50------------25.35

Advancers 22 Decliners 43
Even if the number of decliners was increasing; higher Gold prices had investors paying attention to the mining issues (M-O sector +1.71%) and kept the market afloat.


9:53------------23.24
9:55------------26.08
10:00-----------23.71----------3396.85

After 30 minutes of trading; it was a welcome surprise that the local equities market manages to hold near the 3400 level. It did not experience any panic selling just like the ones observed during the recent steep drops in WallStreet.
Advancers 24 Decliners 46
Value turnover PhP 448 mn
M-O +1.26%
Financial +0.07%
Holdings -0.52%
Services -0.65%
Property -1.14%
Industrial -1.62%

10:01-----------29.93
10:08-----------31.04
10:12-----------32.59--------3387.51

Advancers 23 Decliners 53
PhP 40.693 vs US$ 1.00

10:13-----------33.05
10:16-----------33.50--------3387.06 (day's low)
10:20-----------32.41
10:27-----------30.97

Advancers 21 Decliners 59

10:28-----------32.45
10:30-----------28.31
10:34-----------31.73
10:35-----------28.21

Advancers 23 Decliners 63

10:37-----------27.76
10:45-----------27.35

PhP 40.688 vs US$ 1.00

10:51-----------26.23
10:53-----------23.42
10:54-----------21.99
10:55-----------20.02---------3400.54

The market once again manages to go above the 3400 level. Sentiment has greatly improved by this point and lifts the market a little more.
Advancers 25 Decliners 64
Value turnover PhP 1.33 bn

10:57-----------17.52
10:58-----------15.28
11:00-----------10.80---------3409.76
11:02-----------11.69
11:06------------9.72---------3410.84

Advancers 31 Decliners 60

11:07-----------13.19

PhP 40.681 vs US$ 1.00

11:12-----------11.35
11:20-----------13.25
11:25-----------10.46
11:34------------8.02
11:37------------9.57

PhP 40.671 vs US $ 1.00

11:44-----------12.42
11:50-----------10.11
11:53-----------11.26
11:55------------7.94
11:56-----------12.20
11:57------------8.82
11:58------------6.63
11:59------------5.63
12:01------------4.48--------3416.08 (-0.13%)
Market Close.

Advancers 49
Decliners 53

Value turnover: PhP 3.388 bn
Cross transactions: PhP 1.444 bn

PhP 40.653 vs US$ 1.00

The Philippine Peso is now at levels last seen in the year 2000.

The Philippine Stock Exchange Index (PSEi) was able show its resiliency as it shrugged off the big drop in WallStreet.
The DJIA is currently testing its August 16, 2007 low at 12517 and a break could send it deeper with 12500 as a possible target. It has now lost 962 points since December 26, 2007 (8 trading days).
For the local equities market to rebound; it must be able to maintain its composure should WallStreet continue its fall. It also has to go above its 200 day moving-average (m.a.) at 3485.

Sectoral Indices.
M-O +1.62%
Holdings +0.33%
Financial +0.19%
Property +0.09%
Services -0.88%
Industrial -0.21%

The Day's Top Gainers:
CRC: PhP 19.00; +49.02%
CDC: PhP 1.78; +11.25%
ORE: PhP 3.15; +6.78%

The Day's Biggest Decliners:
MFIN: PhP 3.40; -15.00%
FED: PhP 9.00; -14.29%
ABAB: PhP 0.010; -9.09%