The Philippine Stock Market - June 19, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 12,029.06
Trade Time: June 18
Change: Down 131.24 (-1.08%)
Prev Close: 12,160.30
Open: 12,158.68
Day's Range: 11993.64 - 12158.68

The DJIA again fell lower and even broke below the 12000 level at one point before closing just slightly above this support level. The DJIA is currently at its 3-month low levels.

The local equities market was unable to ignore the second straight day drop of more than 100 points in the US markets. The Philippine Stock Exchange Index (PSEi) immediately fell lower upon the opening bell.

PSEi previous close - 2628.20 (June 18)

time-----------down-------------PSEi
9:31----------15.13------------2613.07

9:35------PhP 44.335 vs US$ 1.00

9:36----------23.08
9:37----------25.99
9:40----------30.19------------2598.01

The 2600 level was tested.

9:41----------31.13------------2597.08
9:42----------25.40
9:49----------30.07
9:55----------27.30------------2600.90

The 2600 level holds for the next hour.

10:05------PhP 44.349 vs US$ 1.00

10:09---------23.56
10:10---------21.85
10:13---------24.20
10:16---------19.99-------------2608.21
10:25---------21.32
10:32---------23.18

10:36-------PhP 44.361 vs US$ 1.00

10:49---------24.51
10:56---------26.97
10:58---------27.56-------------2600.64
11:01---------29.27-------------2598.93

The 2600 level was broken and the market declines further.
(A break of a support level gives most investors a signal to sell and this can be observed by the acceleration of the market drop in the next few minutes.)

11:02---------30.47
11:03---------32.75
11:05---------33.65
11:06---------33.97
11:11---------35.39
11:14---------36.23
11:16---------37.05
11:17---------38.27
11:27---------40.20
11:28---------40.43
11:33---------41.14
11:35---------44.11-------------2584.09 (day's low)

11:35------PhP 44.375 vs US$ 1.00.

The market consolidates within the 2575-2600 leel in the last 15 minutes of trading.

11:47---------40.39
11:54---------39.40
11:56---------36.99
11:57---------34.63--------------2593.57
11:58---------43.66--------------2584.54
11:59---------40.81
12:01---------35.61--------------2592.59 (-1.35%)
Market Close.

Value turnover: PhP 2.614 bn
Cross transactions: PhP 1.612 bn

Advancers 13
Decliners 101
Unchanged 35

Sectoral Indices.
Property -2.79%
Industrial -2.25%
Holdings -1.97%
M-O -1.79%
Financial -1.61%
Services -0.21%

The Day's Top Gainers:
DHC: PhP 14.75; +47.50%
HI: PhP 1.76; +6.02%
ORE: PhP 1.78; +5.95%

The Day's Biggest Decliners:
TDY: PhP 2.95; -21.33%
SHNG: PhP 1.62; -17.35%
CRC: PhP 3.85; -14.44%