The Philippine Stock Market - May 7, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 13,020.83
Trade Time: May 6
Change: Up 51.29 (+0.40%)
Prev Close: 12,969.54
Open: 12,968.89
Day's Range: 12863.20 - 13046.15

The DJIA started weak and was down by more than a hundred points at one point. It however recovered by the afternoon trading session and managed to close above the 13000 level.

The local equities market on the other hand was strong in the early going and was up by almost 30 points. The recovery in the US market overnight and a strong earnings report from PLDT (TEL) had investors on a bargain hunting mode. The Philippine Stock Exchange Index (PSEi) however was not able to sustain its advance and gave up most of its gains by the close of the trading day. Investors are prone to immediately take profits or are simply opting to stay liquid.

PSEi previous close - 2727.70
PSEi at today's close - 2739.43 (up 11.73 +0.43%)

Value turnover: PhP 4.178 bn
Cross transactions: PhP 1.150 bn
Block Sales: PhP 205 mn

Advancers 59
Decliners 34
Unchanged 53

Sectoral Indices:
Property +2.27%
M-O +1.92%
Financial +1.27%
Holdings +1.10%
Services -0.27%
Industrial -1.23%

The Day's Biggest Gainers:
ASIA: PhP 7.50; +11.94%
FAF: PhP 0.77; +10.00%
IRCB: PhP 0.011; +10.00%

The Day's Largest Decliners:
SPM: PhP 1.02; -15.00%
POPI: PhP 0.33; -10.81%
SPC: PhP 2.30; -8.00%

Confidence remains shaky as World Crude prices are at record highs above the $US 120 a barrel level and the inflation figure of 8.3% in April (from 6.45% in March) pushed the four month average well above the official forecast of up to only 5.0% to 6.2%.

The Philippine peso is at PhP 42.356 vs US$ 1.00 at noon.