The Philippine Stock Market - July 17, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,239.28
Trade Time: July 16
Change: Up 276.74 (+2.52%)
Prev Close: 10,962.54
Open: 10,961.89
Day's Range: 10918.33 - 11244.17

After being able to hold at the 10,900 level, the DJIA mounted a huge rally and close near its high. It ended with a whopping gain of more than 2.5%.

The big advance in WallStreet had local investors scrambling at the opening. The Philippine Stock Exchange Index (PSEi) was immediately up and tested the 2400 level. After touching its day's high in the first half hour of trading; the momentum waned and by mid-session; the market was just trying to stay above the 2400 level. It however fell below that level and consolidated for the rest of the session.

PSEi previous close - 2373.69 (July 16)

open - 2400.08 (+26.39)
high - 2414.84 (+41.15)
close - 2393.62 (+19.93 or +0.84%)

Value turnover: PhP 1.782 bn
Cross transactions: PhP 634 mn

Advancers 38
Decliners 49
Unchanged 50

Financial +1.14%
Services +0.82%
Industrial +0.80%
Holding +0.21%
Property -0.38%
M-O -0.91%

The Day's Top Gainers:
SHNG: PhP 1.40; +7.69%
JFC: PhP 35.50; +7.58%
ABSP: PhP 16.00; +6.67%

The Day's Biggest Decliners:
PO: PhP 2.20; -15.38%
SLI: PhP 0.71; -11.25%
UPM: PhP 0.40; -11.11%

At mid-day:
Asian markets were mostly up.
The Philippine Peso was at PhP 45.300 vs US$ 1.00.