The day's market - April 30, 2008

Dow Jones Industrial Average(DJIA)Summary
Index Value: 12,831.94
Trade Time: April 29
Change: Down 39.81 (-0.31%)
Prev Close: 12,871.75
Open: 12,870.37
Day's Range: 12804.66 - 12889.83

The DJIA traded in a narrow range with a downward bias ahead of the US Federal Reserve Board meeting. It is widely expected that the Fed would cut its rates by 25 basis points and bring US interest rates down further to 2.00%.

Upon the opening bell; the local equities market tried to continue its advance with the residual momentum from yesterday's rally. But again, the rise was cut short by immediate profit taking as investors opted to stay liquid ahead of tomorrow's holiday (May 1 - Labor Day). By the last half hour of trading; the Philippine Stock Exchange Index (PSEi) was even in negative territory already.
The Philippine Stock Market will resume trading on Friday, May 2.

PSEi previous close - 2754.29

open - 2769.63
high - 2783.29 (+28.91)
low - 2745.54 (-8.75)
close - 2749.77 (-4.52 or -0.16%)

Advancers 46
Decliners 53

Value turnover: phP 2.745 bn
Cross transactions: PhP 1.122 bn

The Philippine Peso was at PhP 42.203 vs US$ 1.00 at mid-day.

The day's market - April 29, 2008

Dow Jones Industrial Average (DJIA)Summary
Index Value: 12,871.75
Trade Time: April 28
Change: Down 20.11 (-0.16%)
Prev Close: 12,891.86
Open: 12,890.72
Day's Range: 12857.50 - 12938.76


Comments on the Philippine StockMarket:
BusinessWorld - April 29, 2008

The local equities market rebounded as it tests a possible support at the 2733 level. It tried to mount a strong rally, but momentum (and investor confidence) has yet to build up. The Philippine Stock Exchange Index (PSEi) retreats from its high to give back almost half of its early gains.

PSEi previous close - 2739.44 (April 28,2008)

open - 2742.32
high - 2769.18 (+26.86)
low - 2739.44 (-2.88)
close - 2754.29 (+14.85 or +0.54%)

Value turnover: PhP 1.942 bn
Cross transactions: PhP 885 mn

Advancers 35
Decliners 52

Sectoral Indices:
Holdings +1.14%
Industrial +0.66%
Services +0.39%
M-O +0.25%
Financial +0.05%
Property -0.02%

The Philippine Peso was at PhP 42.187 vs US$ 1.00 by midday.

The Philippine Stock Market touches a new 17 month low

The local equities market continues its declines as a new support level is yet to be found. Investor sentiment remains negative. Buyers are staying away and sellers are then forced to unload at lower prices bringing the market to lower levels.

PSEi previous close - 2777.93
open - 2777.17
high - 2778.65 (+0.72)
low - 2738.59 (-39.34)
close - 2739.44 (-38.49 or - 1.39%)

The Philippine Stock Exchange Index (PSEi) is at its lowest level since Nov. 29, 2006.

Value turnover: PhP 2.403 bn
Cross transactions: PhP 1.570 bn

Advancers 15
Decliners 81

Sectoral Indices fell across-the-board.

Trading in WallStreet - April 25, 2008

DOW JONES INDUSTRIAL AVERAGE (DJIA) Summary
Index Value: 12,891.86
Trade Time: April 25
Change: Up 42.91 (+0.33%)
Prev Close: 12,848.95
Open: 12,848.38
Day's Range: 12742.78 - 12909.20

The day's market - April 25, 2008

DOW JONES INDUSTRIAL AVERAGE (DJIA)
Index Value: 12,848.95
Trade Time: April 24
Change: Up 85.73 (+0.67%)
Prev Close: 12,763.22
Open: 12,764.68
Day's Range: 12706.63 - 12942.26

Yesterday's technical rebound in the Philippine Stock Market was shortlived. The market's declines accelerated on renewed inflation and budget deficit worries on the local front.

PSEi previous close - 2844.02 (April 24, 2008)

The Philippine Stock Exchange Index (PSEi)closed at its low at 2777.93 (-66.09 pts or -2.32%). It is now near this year's low of 2773. The next support may be seen at 2733, a 17 month low.

Advancers 24
Decliners 77

Among index issues; there was only 1 advancer.
All sectors were in the red.
The Philippine peso was above the PhP 42 level against the US dollar.

Value turnover: PhP 1.851 bn
Cross transactions: PhP 745 mn

The day's market - April 24, 2008

DOW JONES INDUSTRIAL AVERAGE Summary(DJIA)
Index Value: 12,763.22
Trade Time: April 23
Change: Up 42.99 (+0.34%)
Prev Close: 12,720.23
Open: 12,721.45
Day's Range: 12703.05 - 12837.39


The local equities market had a slight rebound after the past several days declines. The 2800 level is still holding and some second and thirdliner issues are becoming active. Value turnover remain relatively low.

PSEi previous close - 2824.81

open - 2827.31
high - 2851.71
low - 2827.31
close - 2844.02

Advancers 51
Decliners 29

Value turnover - PhP 2.495 bn
Cross transactions - PhP 1.392 bn

The day's market - April 23, 2008

DOW JONES INDUSTRIAL AVERAGE Summary(DJIA)
Index Value: 12,720.23
Trade Time: April 22
Change: Down 104.79 (-0.82%)
Prev Close: 12,825.02
Open: 12,825.02
Day's Range: 12656.56 - 12825.26

The local equities market continued to look for a base as the downward momentum continues to drag it lower. The triple digit drop in the US also weighed down some more investor sentiment.

Initial support may be seen at the 2773-2800 levels.

PSEi previous close - 2855.75 (April 22,2008)

open - 2856.90
high - 2856.90 (+1.15)
low - 2817.39 (-38.16)
close - 2824.81 (-30.94 or -1.08%)

Advancers 30
Decliners 52

Value turnover: PhP 1.716 bn
Crss transactions: PhP 741 mn

Sectoral Indices:
M-O +0.43%
Services -0.12%
Industrial -0.73%
Holdings -1.28%
Property -1.35%
Financial -1.35%

The Philippine peso was at around PhP 41.965 vs US$ 1.00 in the morning trade.

The day's market - April 22, 2008

DOW JONES INDUSTRIAL AVERAGE (DJIA)
Index Value: 12,825.02
Trade Time: April 21
Change: 24.34 (0.19%)
Prev Close: 12,849.36
Open: 12,850.91
Day's Range: 12751.17 - 12850.91

The DJIA traded lower for most of the day but managed to finish relatively strong to limit its losses

In the Philippine Stock Exchange (PSE); local equities made a feeble attempt in the early going to test the 2900 level.

PSEi pevious close - 2890.92

open - 2890.92
high - 2896.44 (+ 5.52)

Sellers however soon prevailed over the market and its immediate support at 2884 was easily broken. The downward momentum continued for the rest of the trading day.

low - 2843.90 (-47.02)
close - 2855.75 (-35.17 or -1.22%)

Value turnover: PhP 2.81 bn
Cross transactions: 1.428 bn

Advancers 17
Decliners 83

There was only one index issue gainer.
All sectoral indices were down.
The peso was at PhP 41.905 vs US$1.00 at midday.

The day's market - April 21, 2008

It was a real disappointing day in the Philippine Stock Exchange today. Despite last Friday's surge in the US equties market and its spill over in the asian markets this morning; the local equities market ended in the red.

The Philippine Stock Exchange Index (PSEi)
previous close - 2915.67
open - 2934.89
high - 2934.89 (+19.22 points)
close - 2890.92
low - 2890.92 (-24.75 points)

It really is an issue of confidence among investors. Local equities are not yet attractive enough. Aside from opening at its high and closing at its low (this forms a black/red candlestick for technical analysts); the PSEi broke below its psychological support at 2900.

As the market failed to hurdle its 10 day moving average (m.a) at 2933.08 and its 30 day m.a at 2935; momentum shifted downwards.

The immediate support is at 2884.34 (August 17, 2007 low) with a possible target near the low of 2772.93 touched last March 17, 2008.

Value turnover was at PhP 2.189 bn and more than half or PhP 1.142 bn were cross transactions. Advancers lagged behind decliners 30 to 47.

Market thoughts - April 19, 2008

After about a month and a half since the last post; the Philippine Stock Exchange Index (PSEi) has dropped below (and since then has failed to rally and stay above) the key 3000 level. It even touched a low around the 2800 level a month ago.

The PSEi tried briefly to break above the 3000 level during the first days of April but it failed to sustain its momentum. Since then; the market has drifted with a lower bias and seems to have currently found a base at 2900. Investors continue to remain in the sidelines and volume turnover remains relatively low.

This week, the Dow Jones Industrial Average (DJIA) posted the biggest weekly rise (4.25%) since February. Last night (April 18), it rose more than 220 points to end at 12849.36. Despite the huge 1st quarter loss ($5.1 bn) posted by Citigroup, the stronger than expected results from Google had the US equity market advance strongly.

Even as the credit crunch worries linger; there may be optimism that investors are beginning to look through them. Some analysts' data ( the S&P earning yield compared to the bond yields........ and the Market Price to Earning or P/E Ratio of around 14.8 times which is an 18 year low) suggest that the US markets are relatively still on the "cheap" side. Some Dow Theory adherents also see a buy signal since the DJIA was able to close above its February 1 closing high of 12743.19. Then again; it is also worth noting that the 12743.19 may be merely a resistance since the high reached by the DJIA is around 14279.26 and the effects of consumer debt is still being felt all around.

On the local front; companies listed in the Philippine Stock Exchange (PSE) are mostly doing well. Just check out the dividend updates that are being given out. It has largely been an issue of confidence. The record oil prices and the rising rice prices has not helped any and has been weighing down the market. Any rally can be sustained if the 3000 level is broken convincingly accompanied with volumes. It is worth watching if this will happen soon. Any more prolonged "drifting" of the market will continue to keep investors on the sidelines and increase chances of a further steep drop.