The Philippine Stock market - June 03, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 12,503.82
Trade Time: June 2
Change: Down 134.50 (-1.06%)
Prev Close: 12,638.32
Open: 12,637.67
Day's Range: 12427.77 - 12638.08

The DJIA dropped more than a hundred points and is testing the 12,500 level. This huge drop is NOT the lead that our local equities market needs. This sell-off again rattled investors. The Philippine Stock Exchange Index (PSEi) also fell hard and broke below its 2800 support level.

PSEi previous close - 2825.89 (June 02)
open - 2815.03
low - 2777.15 (-48.74)
close - 2782.80 (-43.09 or -1.52%)

Value turnover: PhP 1.974 bn
Cross transactions: PhP 826 mn

Advancers 31
Decliners 56
Unchanged 60

The PSEi is currently at its immediate support at the 2770-2780 levels. The next support is at the 2730-2750 levels but target maybe the 2712 low touched last May 08, 2008; if the decline accelerates.
The PSEi now is below the 10- and 30-day moving averages and technical indicators turn bearish.

Sectoral Indices.
Property -2.54%
Holdings -2.26%
Financial -1.95%
Services -1.23%
M-O -0.02%
Industrial +0.36%

The Day's Top Gainers:
LIHC: PhP 9.60; +50.00%
VUL: PhP 1.08; +12.50%
MHC: PhP 0.40; +11.11%

The Day's Biggest Decliners:
MFIN: PhP 3.00; -21.05%
COL: PhP 6.30; -7.35%
MED: PhP 0.38; -7.32%

At mid-day.
Asian markets were in the RED.
The Philippine Peso was at PhP 43.655 vs US$ 1.00.