The Philippine Stock Market - June 16, 2008

The local equities market got a boost in sentiment to follow through on its advance as the DJIA finished strong last friday. The Philippine Stock Exchange Index (PSEi) opened higher; continued to steadily advance; locked in its gains and finished near its high.

PSEi previous close - 2554.75

time-----------up------------PSEi
9:31-----------6.76----------2561.51 (day's low)
9:38----------21.13----------2575.88

The immediate resistance at 2575 is immediately broken and the market has just started to get its momentum going again.

9:40----------24.03
9:44----------25.20
9:45----------30.87
9:46----------36.91
9:52----------38.22
9:54----------39.97
10:00---------44.49
10:01---------45.35------------2600.10
10:04---------46.65------------2601.40

The 2600 level was broken. The day's advance was led by key index issues.

STOCK-------price at this point---------previous close
TEL-------------PhP 2390.00--------------PhP 2345.00
MER--------------------49.00--------------------47.50
AC---------------------292.50-------------------282.50
BPI---------------------50.00--------------------47.50
ALI---------------------10.25--------------------10.00

The market continues to gain ground.

10:13----------48.87------------2603.62
10:15----------51.99
10:16----------53.48------------2608.23
10:25----------49.18------------2603.93

The 2600 level holds.

10:29----------55.83
10:34----------62.01
10:47----------64.02
10:52----------65.12
10:54----------67.54------------2622.29

The PSEi now attempts to close the chart gap at the 2639-2621 levels.

11:01----------69.67
11:02----------72.17
11:07----------73.79-------------2628.64 (day's high)

The market consolidates its gains for the rest of the trading session.

11:10----------71.14
11:28----------70.32
11:31----------68.68
11:37----------66.45
11:45----------66.23
11:54----------64.96
11:57----------63.71--------------2618.46
11:58----------66.29
11;59----------72.05
12:01----------66.01--------------2620.76 (+2.58%)
Market Close.

Value turnover: PhP 2.875 bn
Cross transactions: PhP 1.106 bn
Block Sales: PhP 269 mn (100,290 shs of TEL @ PhP 2345 and 14,710 shs @ PhP 2340)

Advancers 58
Decliners 26
Unchanged 61

Sectoral Indices.
Holdings +3.13%
Financial +2.78%
Industrial +2.73%
Services +1.76%
Property +0.81%
M-O +0.62%

The Day's Top Gainers:
CRC: PhP 6.40; +42.22%
JTH: PhP 3.10; +33.62%
ASIA: PhP 8.50; +8.97%
CEI: PhP 0.065; +8.33%

The Day's Biggest Decliners:
APX: PhP 3.95; -12.22%
ABAB: PhP 0.0085; -11.76%
PO: PhP 2.80; -11.11%
CYBR: PhP 0.25; -7.41%

At mid-day:
Asian markets were up.
The Philippine Peso was at phP 44.440 vs US$1.00.