The Philippine Stock Market - June 13, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,141.58
Trade Time: June 12
Change: Up 57.81 (+0.48%)
Prev Close: 12,083.77
Open: 12,089.63
Day's Range: 12076.93 - 12269.24

The DJIA used the 12000 as a support level and rose on the first half of the trading day. Its strong advance had it up by almost 200 points at one point; and the DJIA even challenged the 12250 level. However, it gave back most of gains in the latter part of the session and ended with modest gains.

The local equities market followed the lead of the DJIA. The Philippine Stock Exchange Index (PSEi) also opened strong but also gave back most of its gains. Investors cashed in ahead of the weekend as they remain wary that a huge drop in the US markets like last week is still possible.

PSEi previous close - 2544.89 (June 12)
open - 2548.62
high - 2574.67 (+29.78)
close - 2554.75 (+9.86 or +0.39%)

Today's high closed the chart gap at the 2575-2564 levels opened yesterday. Immediate support is at the 2500-2510 levels and immediate resistance at the 2575-2600 levels.
A gap at the 2639 - 2621 opened earlier this week (June 10-11) remains.

Value turnover: PhP 2.883 bn
Cross transactions: PhP 1.784 bn

Advancers 56
Decliners 41
Unchanged 48

Sectoral Indices:
Property +0.88%
M-O +0.84%
Services +0.64%
Holdings +0.48%
Financial +0.10%
Industrial -0.24%

The Day's Top Gainers:
CRC: PhP 4.50; +50.00%
CA: PhP 78.50; +49.52%
BKD: PhP 1.54; +13.24%

The Day's Biggest Decliners:
MB: PhP 0.55; -8.33%
COL: PhP 5.00; -7.41%
MJC: PhP 4.20; -6.67%

At mid-day.
Most asian markets were lower.
The Philippine Peso was slightly stronger at PhP 44.356 vs US$ 1.00.