The Philippine Stock Market - May 15, 2008

Dow Jones Industrial Aveage (DJIA) Summary
Index Value: 12,898.38
Trade Time: May 14
Change: Up 66.20 (+0.52%)
Prev Close: 12,832.18
Open: 12,825.12
Day's Range: 12825.12 - 12993.15

The DJIA rebounded and at one point advanced by more than 150 points to test the 13000 level. It however gave back most of its gains in the latter part of the trading day and ended with modest gains.

After a tentative opening in the Philippine Stock Exchange (PSE); trading in select second and thirdliners picked up and boosted investor interest. The market was able to extend its advance to a seventh straight trading day as the Philippine Stock Exchange Index (PSEi) closed near its high with a gain of more than a half percent.

PSEi previous close - 2862.53
open - 2864.26
high - 2879.82 (+17.29)
low - 2854.12 (-8.41)
close - 2878.26 (+15.73 points or 0.55%)

Value turnover: PhP 2.751 bn
Cross transactions: PhP 1.291 bn

Advancers 64
Decliners 36
Unchanged 59

Sectoral Indices.
Industrial +1.71%
Services +1.16%
Property +0.13%
Financial -0.0%
M-O -0.34%
Holdings -0.78%

The Day's Top Gainers:
VVT: PhP 6.00; +20.00%
SFI: PhP 0.30; +11.11%
UW: PhP 0.15; +11.11%

The Day's Biggest Decliners:
LAND: PhP 1.56; -29.09%
BKD: PhP 1.48; -5.13%
TFC: PhP 10.00; -4.76%

The PSEi broke above its 30 day moving average and a hurdled down trendline. Even with just modest gains; advancers heavily outnumbered gainers as the smaller cap issues are becoming more active. The 2900 level is set to be tested but the advance may be capped by bouts of profit taking.

Other matters:
OFW remittances rise to $1.4 bn in March.
By midday; the Philippine Peso was at PhP 42.820 vs US$ 1.00 and most Asian equities markets were up.