The Philippine Stock Market - May 8, 2008

Dow Jone Industrial Average (DJIA) Summary
Index Value: 12,814.35
Trade Time: May 7
Change: Down 206.48 (-1.59%)
Prev Close: 13,020.83
Open: 13,010.82
Day's Range: 12796.19 - 13036.71

The DJIA tried to hold above the 13000 level in the first hour of trading. It however steadily declined to close near its low.



PSEi previous close - 2739.43 (May 7)

The local equities market took its cue from the US and immediately opened lower. It fell by as much as 27.25 points as the Philippine Stock Exchange Index (PSEi) touched a low of 2712.18 within the first 15 minutes of trading.

However; after another half hour of trading the loss was trimmed to only 3 points and by the first hour of trading, the PSEi had moved into positive territory. By 11 am; the market has advanced by 17.10 points already.

It then consolidated in the final hour of trading and reached a high of 2762.41 (+22.98 pts) before closing at 2760.62 (+21.19 or 0.77%).


Value turnover: PhP 2.940 bn
Cross transactions: PhP 1.163 bn

Advancers 50
Decliners 44
Unchanged 55

Sectoral Indices:
Holdings +2.20%
M-O +1.24%
Property +0.91%
Services +0.72%
Financial +0.53%
Industrial -0.41%

The Day's Top Gainers:
SPM: PhP 1.20; +17.65%
ION: PhP 1.20; +9.09%
OPM: PhP 0.025; +8.70%

The Day's Biggest Decliners:
APR: PhP 2.00; -33.33%
CAT: PhP 3.00; -20.00%
ARA: PhP 0.41; -18.00%

The resiliency the Philippine Stock Market exhibited today is very welcome and is an initial step in building up investor confidence. It is a boost in sentiment that the PSEi advanced despite the more than 200 point drop in the DJIA.