The Philippine Stock Market - May 29, 2008

Dow Jones Industrial Average (DJIA)
Index Value: 12,594.03
Trade Time: May 29
Change: Up 45.68 (+0.36%)
Prev Close: 12,548.35
Open: 12,542.90
Day's Range: 12495.27 - 12601.93

The DJIA had a modest advance as it held at the 2500 support. It is currently testing the 2600 level.

The local equities market on the other hand traded lower and continued its decline from yesterday. The Philippine Stock Exchange Index (PSEi) is testing the support at the 2800 level and has just closed the Chart gap left open at the 2803 level.

PSEi previous close - 2833.27 (May 28)
open - 2828.57
low - 2793.59 (-39.68)
close - 2802.22 (-31.05 or -1.09%)

Value turnover: PhP 2.311 bn
Cross transactions: PhP 623 mn

The PSEi also broke below its 30-day moving average which is at 2824. Immediate support now is at the 2770-2800 levels. If this does not hold; the next support is at 2712. Resistance is seen at the 10-day moving average which is now at 2854.

Sectoral Indices.
Financial -0.56%
Holdings -0.75%
Services -0.93%
Industrial -1.16%
Property -1.40%
M-O -2.00%

Advancers 18
Decliners 78
Unchanged 59

The Day's Top Gainers:
SEVN: PhP 5.00; +47.06%
CDC: PhP 1.90; +43.94%
ATS: PhP 1.16; +9.43%
MVC: PhP 0.70; +9.38%

The Day's Biggest Decliners:
OMW2: PhP 0.005; -23.08%
OM: PhP 0.008; -15.79%
BPC: PhP 2.18; -8.40%
UPM: PhP 0.51; -7.27%

At mid-day:
Asian markets were mostly up.
The Philippine Peso was at PhP 43.869 vs US$ 1.00.