The Philippine Stock Market - May 22, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,601.19
Trade Time: May 21
Change: Down 227.49 (-1.77%)
Prev Close: 12,828.68
Open: 12,824.94
Day's Range: 12573.67 - 12862.47

The DJIA lopped off around 200 points for the second straight day. World Crude prices is around the $135 a barrel level and is stoking more inflationary fears and providing less optimism on growth forecasts.

The consecutive huge declines in the US were now very hard to ignore. The local equities market immediately opened lower and it lost the momentum it built up the past days. Even as the 10-day moving average (2845) crossed over the 30-day moving average (2839); the Philiipine Stock Exchange Index (PSEi) closed lower than both. Today's decline confirmed yesterday's reversal.

Active trading in select smaller cap issues prevented steeper losses as sentiment did not turn into panic. Trading in these second- and third-liner stocks is seen to continue.

The PSEi support is at 2803; the lower level of the chart gap left open last May 12-13. It is expected to be tested ahead of the weekend. However; a huge rebound in the DJIA (it has already lost more than 500 points after reaching a high of 13136 only 3 days ago - May 19) may buoy up the local equities market higher and prod it to close the chart gap at the 2846-2859 levels which was opened oday.


PSEi previous close - 2872.45
open - 2844.63 (-27.82)
low - 2826.21 (-46.24)
close - 2838.58 (-33.87 or -1.18%)

Value turnover: PhP 2.143 bn
Cross transactions: PhP 645 mn

Advancers 39
Decliners 65
Unchanged 55

Only 2 index issues advanced.

Sectoral Indices.
M-O +1.02%
Services -0.66%
Property -0.78%
Financial -1.07%
Industrial -1.19%
Holdings -2.09%

The Day's Top Gainers:
PA: PhP 0.11; +10.00%
APM: PhP 0.014; +7.69%
PAX: PhP 4.35; +7.41%

The Day's Biggest Decliners:
PhP: PhP 0.66; -17.50%
MVC: PhP 0.61; -11.59%
ABSP: PhP 26.00; -8.77%

At Mid-day:
Most asian markets wer lower.
The Philippine peso fell further to PhP 43.414 vs US$ 1.00.