The Philippine Stock Market - June 11, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,289.76
Trade Time: June 10
Change: Up 9.44 (+0.08%)
Prev Close: 12,280.32
Open: 12,277.71
Day's Range: 12206.96 - 12369.23

The DJIA moved within in a wide range of more than 150 points. It tested the 12,200 level as a support and was even up by almost 90 points at one point. It however closed relatively flat as investors remained wary.

The local equities market did not find any inspiration in the US markets' weak bounce and in today's rally in the asian markets. The Philippine Stock Market continued its downward momentum from yesterday. Selling also persisted because of the breakdown from the 2712 level with no immediate support in sight.

The Philippine Stock Exchange Index (PSEi) was down from the opening bell. Earlier on, it looked like it was going to hold above the 2600 level as the M-O sector was even higher on the news that the Galoc Oil field was going on line by next week. But a spate of selling rattled investors anew and when it became evident that the 2600 level would not hold; a near panic sell-off ensued and drove the market to lower levels. The PSEi closed near its low and is currently looking for a support at the 2500-2550 levels.

PSEi previous close - 2645.95 (June 10)
open - 2621.91
low - 2575.16 (-70.79)
close - 2579.28 (-66.67 or - 2.52%)

Value turnover: PhP 2.797 bn
Cross transactions: PhP 1.044 bn

Advancers 23
Decliners 87
Unchanged 44

There was only 1 index issue gainer.

Sectoral Indices fell across-the-board.
Services -3.04%
Industrial -2.68%
Holdings -2.63%
Property -1.24%
M-O -1.15%
Financial -0.94%

The Day's Top Gainers:
PWR: PhP 0.28; +33.33%
LAND: PhP 1.80; +15.38%
BSC: PhP 0.26; +8.33%

The Day's Biggest Decliners:
BHI: PhP 0.135; -12.90%
ACR: PhP 0.61; -10.29%
BPC: PhP 1.50; -9.64%

At mid-day:
Asian markets were up.
The Philippine peso was at PhP 44.482 vs US$ 1.00.