The Philippine Stock Market - June 10, 2008

Market Comments:BusinessWorld - June 10, 2008


Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,280.32
Trade Time: June 09
Change: Up 70.51 (+0.58%)
Prev Close: 12,209.81
Open: 12,210.13
Day's Range: 12195.32 - 12331.86

The DJIA had a modest rebound after last Friday's debacle of a 400 point loss. The 12,200 level holds as a support for now.

The local equities market however experienced a freefall. Because of yesterday's trading break, it is only today that investors were able to react to last Friday's huge drop in the US market. The Philippine Stock Exchange Index (PSEi) immediately opened steeply lower.

PSEi previous close - 2739.70 (June 06)

time------------down-----------PSEi
9:31-----------48.52----------2691.18

The support at 2700-2712 was immediately broken and the PSEi continued to spiral downwards.

9:33-----------56.81
9:35-----------66.04
9:39-----------71.42
9:44-----------75.56
9:51-----------77.19
9:54-----------79.16
9:56-----------83.05
9:59-----------85.29
10:04----------88.86
10:05----------89.58-----------2650.12

The PSEi initially seems to have found a support at the 2650 level. It consolidates at this level for the next hour.

10:07----------87.95
10:10----------86.84

10:12----------PhP 44.40 vs US$ 1.00

10:13----------89.43-----------2650.27
10:20----------88.66
10:23----------84.27
10:30----------84.27-----------2655.43
10:39----------86.47
10:45----------86.24

10:47----------PhP 44.406 vs US$ 1.00

10:50----------90.11-----------2649.59

The 2650 level is tested once again and the PSEi breaks below it. The markets trades in a narrow range for the rest of the trading day.

10:52----------89.33
11:01----------89.86
11:01----------90.32
11:07----------91.93
11:12----------91.93
11:16----------92.07

11:17----------PhP 44.418 vs US$ 1.00

11:23----------94.14
11:24----------96.67------------2643.03
11:26----------94.86
11:30----------89.39------------2650.31

The PSEi fails to hurdle the 2650 level.

11:33----------90.98
11:36----------91.30
11:41----------92.81

11:42----------PhP 44.418 vs US$ 1.00

11:46---------100.08-------------2639.62 (the day's low)
11:49----------98.80
11:55----------95.53
11:59----------95.48
12:01----------93.75-------------2645.95 (-3.42%)
Market Closed.

Advancers 8
Decliners 98
Unchanged 42

There was no index issue gainer.

Sectoral Indices.
Property -3.81%
Holdings -3.66%
Services -2.93%
Industrial -2.92%
Financial -2.59%
M-O -2.09%

The Day's Top Gainers:
LIHC: PhP 11.50; +25.00%
MUSX: PhP 0.24; +9.09%
GSMI: PhP 22.25; +3.49%

The Day's Biggest Decliners:
PWR: PhP 0.21; -38.24%
HI: PhP 1.80; -17.43%
CRC: PhP 3.00; -13.04%

At mid-day.
Asian markets were mostly down.
The Philippine Peso was at phP 44.419 vs US$ 1.00.