The Philippine Stock Market - July 10, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,147.44
Trade Time: July 9
Change: Down 236.77 (-2.08%)
Prev Close: 11,384.21
Open: 11,381.93
Day's Range: 11141.99 - 11418.24

The DJIA tried to stay within sight of the 2400 level in the first part of the trading session. It however went into a steady decline in the afternoon and closed near its low.

The large drop in WallStreet had the local equities market immediately open lower. The Philippine Stock Exchange Index (PSEi) however managed to find a support at the 2450 level at once.

PSEi previous close - 2481.53 (July 9)

time-------------down--------------PSEi
9:31-------------15.07------------2466.46
9:35-------------28.16
9:38-------------31.64------------2449.02

The 2450 level was tested as a support. The market trades sideways near this level for the rest of the trading day. Select thirdliner issues however enjoyed brisk trade as investors and punters turned their attention on these smaller cap stocks.

9:41-------------32.51
9:44-------------33.22
9:48-------------33.60------------2447.93
9:52-------------29.94
9:58-------------26.59
10:12------------23.86
10:15------------21.30------------2460.23
10:31------------21.77
10:46------------23.01
10:52------------26.04
11:02------------25.91
11:04------------27.62
11:08------------31.17
11:20------------32.06
11:31------------34.01-------------2447.52
11:44------------31.53
11:51------------34.99-------------2446.54 (day's low)
11:58------------30.34
11:59------------34.93
12:01------------30.91-------------2450.62 (-1.24%)
Market Close.

Value turnover: PhP 1.520 bn
Cross transaction: PhP 708 mn

Advancers 38
Decliners 58
Unchanged 45

Sectoral Indices were lower across-the-board.
Property -1.78%
Services -1.53%
Financial -1.10%
M-O -1.03%
Holdings -0.86%
Industrial -0.39%

The Day's Top Gainers:
PA: PhP 0.105; +44.83%
IS: PhP 0.0775; +34.78%
AJO: PhP 0.055; +22.22%
MFIN: PhP 6.80; +21.43%

The Day's Biggest Decliners:
ABA: PhP 0.0075; -21.05%
EURO: PhP 1.50; -16.67%
ABS: PhP 16.50; -8.33%
AR: PhP 0.0055; -8.33%

At mid-day:
Asian markets were mostly lower.
The Philippine Peso was at PhP 45.581 vs US$ 1.00.