The Philippine Stock Market - May 21, 2008

Comments on yesterday's Market
BusinessWorld - May 21, 2008

Dow Jones Industrial Average (DJIA)
Index Value: 12,828.68
Trade Time: May 20
Change: Down 199.48 (-1.53%)
Prev Close: 13,028.16
Open: 13,026.04
Day's Range: 12781.78 - 13026.04

The DJIA traded lower from the opening bell. The renewed worries on the credit fallout and rising inflation; the new and continuing record high prices for Oil; and the break of the 13000 level weighed down sentiment and had it close near its low.

The whopping two hundred point drop in the US markets also spurred a retreat in the local equities market. The Philippine Stock Exchange Index (PSEi) also traded lower from the start though its drop was not as steep. Some of its losses were also recovered towards the close of the trading day.

PSEi previous close - 2896.15 (May 20)
open - 2883.06
low - 2859.38 (-36.77)
high - 2890.73
close - 2872.45 (-23.70 points or -0.82%)

Value turnover: PhP 1.740 bn
Cross transactions: PhP 624 mn

The 10-day moving average (m.a.) is crossing over the 30-day m.a at the 2845 level. This is the current support and this movement shows the momentum is still with an upward bias. The 2900 level remains to be the likely target.


Advancers 27
Decliners 64
Unchanged 64

Sectoral Indices.
M-O +0.14%
Financial -0.46%
Industrial -0.57%
Property -0.87%
Services -0.88%
Holdings -1.20%

The Day's Top Gainers:
KPHB: PhP 2.55; +27.50%
KPH: PhP 2.50; +25.00%
KEP: PhP 1.90; +25.00%

The Day's Biggest Decliners:
T: PhP 5.40; -6.90%
APC: PhP 0.45; -6.25%
RLC: PhP 11.25; -6.25%

At Mid-day:
Most asian markets were trading lower.
The Philippine s Peso was at PhP 43.125 vs US$ 1.00.