The Philippine Stock Market - May 6, 2008

Market Comments on yesterday's trading:
BusinessWorld - May 6, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,969.54
Trade Time: May 5
Change: Down 88.66 (-0.68%)
Prev Close: 13,058.20
Open: 13,056.57
Day's Range: 12939.74 - 13058.45

And because the DJIA breaks below the 13000 level and inflation hits a 3-year high in April contrary to our hopes; the local equities market reversed sentiment from yesterday.
The support levels at the 2700-2730 is once again tested.

Philippine Stock Exchange Index (PSEi)
-----previous close - 2752.93 (May 5)
-----today's close - 2727.70 (down 37.82 pts or -1.37%)

*********if the previous close is at 2752.93 and today it was down by 37.82; then the PSEi should be at 2715.11 at the end of today's trading.

Advancers 20
Decliners 63
Unchanged 63

Value turnover: PhP 4.574 bn
Cross transactions: PhP 2.468 bn

Sectoral Indices:
Property +0.02%
M-O -0.92%
Industrial -1.17%
Financial -1.22%
Services -1.57%
Holdings -1.67%

The Day's Biggest Gainers:
LAND: PhP 2.20; +29.41%
POPI: PhP 0.37; +8.82%
EVER: PhP 0.13; +8.33%

The Day's Top Decliners:
MRC: PhP 0.245; -9.26%
HI: PhP 1.74; -8.42%
MER: PhP 72.00; -8.28%

Meralco (MER) fell and closed at its low; as the call of GSIS for more transparency led to rumors of possible senate/congressional inquiries on its books and various speculations. Investors hate uncertainties.
The Philippine Peso was at the PhP 42.279 vs $US 1.00 level at mid-day.
Oil reaches $120 a barrel in World Markets.