The Philippine Stock Market - May 2, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 13,010.00
Trade Time: May 1
Change: Up 189.87 (+1.48%)
Prev Close: 12,820.13
Open: 12,818.34
Day's Range: 12793.10 - 13029.05

The DJIA again tested the 13000 level with a strong surge but this time it was able to hold on to its gains and close near its high.

The US economy (as measured by its Gross Domestic Product or GDP) expanded by 0.6% in the first quarter. It is technically not in recession now but is moving at a slow pace.
US Consumer Spending rose 0.4% in March.



At the Philippine Stock Exchange (PSE)

As the local equities market resumed its trading today (after the Labor day break); the Philippine Stock Exchange Index (PSEi) tried to mount an early rally to mirror WallStret's run-up. But the advance was shortlived as the bears again overpowered the bulls in the Philippine Stock Market; even as Asian markets were trying to post their steepest gains in two weeks.

PSEi previous close - 2749.77

open - 2751.14
high - 2761.20 (+11.43)
low - 2721.62 (-28.15)
close - 2722.95 down 26.82 or -0.98%

Value turnover; PHp 2.235 bn
Cross transactions: PhP 534 mn
Block Sale: PhP 349,232,400 (97,009,000 shares or 10.66% of ROX at PhP 3.60)

Advancers 36
Decliners 47
Unchanged 61

Sectoral Indices were down across-the-board
M-O -1.60%
Industrial -1.03%
Financial -0.87%
Services -0.83%
Holdings -0.74%
Property -0.32%

There were only 2 index issue gainers.
The Philippine peso was at PhP 42.309 vs $US 1.00 at noon.

The PSEi is currently testing the 2700-2733 levels as a support.
Investors are still locked in a wait-and-see attitude and most are still on a holiday mode from yesterday.

Top Gainers:
CAT: PhP 3.75; +47.06%
HI : PhP 1.90; +15.85%
FDC: PhP 3.15; +10.53%

Biggest Decliners:
PSB: PhP 41.00; -18.00%
DIZ: PhP 3.60 -10.00%
MA: PhP 0.014; -6.67%