The Philippine Stock Market - June 05, 2008

Dow Jones Industrial Average(DJIA)Summary
Index Value: 12,390.48
Trade Time: June 04
Change: Down 12.37 (-0.10%)
Prev Close: 12,402.85
Open: 12,391.86
Day's Range: 12338.78 - 12496.16

The DJIA made an attempt to challenge the 12,500 level but gave back its gains to close slightly lower.

The Philippine Inflation figures for May 2008 was at the higher end of forecasts. It was at 9.6% and is a nine-year high (highest since January 1999).
The Philippine Stock Exhange Index (PSEi) reacted immediately as it opened lower. It then steadily declined to close near its low. It is currently testing the May 08,2008 low of 2712.

PSEi previos close - 2773.12 (June 04)
open - 2767.19
low - 2717.39 (-55.73)
close - 2718.42 (-54.70 or -1.97%)

Value turnover: PhP 2.538 bn
Cross transactions: PhP 958 mn

Advancers 21
Decliners 73
Unchanged 63

Sectoral Indices.
M-O +1.63%
Financial -1.59%
Services -1.65%
Industrial -1.81%
Holdings -2.78%
Property -2.84%

We are heading into a long weekend as June 09 was declared as a non-working holiday in lieu of June 12 (Philippine Independence Day). With no trading on Monday; some investors may opt to cash out and this may stymie any bargain hunting.
The M-O sector went against the bearish tide gained on prospects of the Galoc Oil-drilling project.

The Day's Top Gainers:
PHES: PhP 0.22; +10.00%
OPM: PhP 0.027; +8.00%
RLT: PhP 0.38; +7.89%

The Day's Biggest Decliners:
PECB: PhP 10.25; -39.71%
ROX: PhP 3.00; -14.29%
LIHC: PhP 7.90; -9.20%

At mid-day.
Asian markets were mostly down.
The Philippine Peso was above the PhP 44.00 mark and was at PhP 44.079 vs US$ 1.00.