The Philippine Stock Market - May 13, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,876.31
Trade Time: May 12
Change: UP 130.43 (+1.02%)
Prev Close: 12,745.88
Open: 12,745.55
Day's Range: 12740.50 - 12904.16

The US equities market started slow but after about an hour of trading; it picked up and steadily advanced to close near its high.


With the triple digit advance in the DJIA; the local equities market rode strong on the momentum it built up in the past several days and immediately opened higher. And this time; the Philippine Stock Exchange Index (PSEi) held on to its gains.

PSEi previous close - 2803.49 (May 12)

open - 2839.52
low - 2834.36
high - 2852.52 (+49.03)
close - 2849.29 (+45.80 or 1.63%)

Value turnover: PhP 3.804 bn
Cross transactions: PhP 2.133 bn

Advancers 60
Decliners 31
Unchanged 71

Sectoral Indices.
Holdings +4.19%
Property +1.43%
Services +1.35%
Financial +1.02%
M-O +0.46%
Industrial -0.10%

The Day's Top Advancers:
ABSP: PhP 29.00; +13.73%
RLT: PhP 0.38; +11.76%
UW: PhP 0.15; +11.11%

The Day's Biggest Decliners:
MVC: PhP 0.58; -10.77%
APM: PhP 0.013; -7.14%
IRC: PhP 0.0095; -5.00%

Today's jump at the opening bell opened a chart gap at the 2803-2834 levels. Thus, theimmediate support is at 2803 and the next support is at 2754; the 10 day moving average (m.a.). The immediate resistance is at the 30 day m.a. which is at 2868.
The 2900 level is the likely target should the market extend its winning streak from the current five trading days before correcting.

The Philippine Peso was at PhP 42.704 vs US$ 1.00 at midday.