The Philippine Stock Market - June 23, 2008

The drop in the DJIA last friday immediately had investors on a selling mode. The Philippine Stock Exchange Index (PSEi) opened lower and continued its decline to test the 2500 level.

PSEi previous close - 2578.57

time------------down------------PSEi
9:31-----------12.03-----------2566.54
9:34-----------20.57
9:49-----------37.91
10:16----------44.28
10:23----------50.91------------2527.66

The decline brings the PSEi towards the 2510 support level which is the June 12, 2008 low.

10:30----------64.40------------2514.17
10:49----------68.00------------2510.57

The 2510 level is tested. The market tries to consolidate.

10:53-----------68.86
11:18-----------69.63------------2508.94
11:29-----------66.13------------2512.44
11:36-----------68.70------------2509.87

The 2510 level does not hold and the PSEi even declines further.

11:37-----------70.68
11:38-----------72.39
11:40-----------73.59
11:41-----------74.18
11:42-----------76.86
11:43-----------78.15-------------2500.42

The 2500 level is also breached.

11:44-----------80.25
11:47-----------86.25
11:51-----------88.31-------------2490.26 (lowest level since Oct 2006)
11:55-----------88.09
11:58-----------85.43
11:59-----------79.80
12:01-----------79.17-------------2499.38 (-3.07%)
Market Close.

Value turnover: PhP 1.937 bn
Cross transactions: PhP 638 mn

Advancers 12
Decliners 94
Unchanged 32

Sectoral Indices fell across-the-board.
Financial -3.30%
Holdings -3.13%
Property -3.06%
Industrial -3.06%
M-O -2.02%
Services -1.86%

The Day's Top Gainers:
MFIN: PhP 3.80; +26.67%
ATS: PhP 1.12; +12.00%
ISM: PhP 0.026; +8.33%

The Day's Biggest Decliners:
PWR: PhP 0.21; -30.00%
SGI: PhP 0.50; -16.67%
LIHC: PhP 7.90; -14.13%

At mid-day:
Asian market were down.
The Philippine Peso was at PhP 44.484 vs US$ 1.00.