The Philippine Stock Market - June 27, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,453.42
Trade Time: June 26
Change: Down 358.41 (-3.03%)
Prev Close: 11,811.83
Open: 11,808.57
Day's Range: 11453.42 - 11808.73

The DJIA opened lower and went into a downward spiral to close at its low. It is now less than 1% away from a bear market. It is now 19.14% off its October 2007 highs.

Oil Crude prices breached the $140 a barrel level and Gold surged the most in two years ($31.90) to above the $910 an ounce level overnight.

This huge drop in WEallStreet had investors hurrying to unload again. The Philippine Stock Exchange Index (PSEi) immediately broke below the 2500 level and established a new 21 month low.

PSEi previous close - 2521.61 (June 26)

time-----------down------------PSEi
9:31-----------40.06-----------2481.55
9:32-----------55.15-----------2466.46

The recent 21 month low of 2469 touched the other day (June 25) was also broken.

9:34-----------58.21
9:36-----------59.36
9:38-----------62.16
9:40-----------63.32----------2458.29 (new 21 mo. low)

9:42-----------61.37
9:49-----------56.92
9:51-----------52.63
9:54-----------50.64
9:55-----------46.32
10:04----------44.66
10:16----------44.37
10:22----------43.77-----------2477.84

The PSEi tries to stay near the 2470 level; the lower range of its support.

10:42----------46.37
10:55----------48.62
11:06----------44.79
11:19----------48.88
11:28----------51.28------------2470.33

11:42----------55.41
11:50----------58.79
11:54----------59.83
11:58----------54.59
12:01----------55.33-------------2466.28(-2.19%)
Market Close.

Value turnover: PhP 7.240 bn
Cross transactions: PhP 1.382 bn
Block sales:
GLO: 3,800,000 shs at PhP 1210 = PhP 4.598 bn
GPH: 2,797,500 shs at PhP 50 = PhP PhP 139 mn

Advancers 23
Decliners 96
Unchanged 36

Sectoral Indices.
Holdings -3.06%
Property -2.77%
Financial -2.61%
Industrial -1.89%
Services -1.02%
M-O +0.51%

At mid-day:
Asian markets were down.
The Philippine peso was at PhP 44.739 vs US$ 1.00.