The Philippine Stock Market - July 24, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,632.38
Trade Time: July 23
Change: Up 29.88 (+0.26%)
Prev Close: 11,602.50
Open: 11,603.39
Day's Range: 11558.29 - 11698.17

WallStreet had modest gains and the DJIA closed at the 11600 level after testing 11700. Oil Prices continue to soften and was just at the $125 a barrel level.

The local equities market continues its advance from yesterday's momentum. The Philippine Stock Exchange Index (PSEi) opened higher and rapidly advanced to break above the key 2500 index level.

PSEi previous close - 2462.94 (July 23)

time-------------up-----------------PSEi
9:31------------2.08---------------2465.02
9:32-----------10.31
9:33-----------11.84
9:36-----------21.71
9:38-----------22.75
9:39-----------24.18
9:40-----------27.16
9:42-----------28.28
9:45-----------31.75
9:50-----------33.90
9:51-----------34.18
9:52-----------36.68
10:02----------40.35----------------2503.29

The 2500 level was broken and the market consolidates in the next hour and a half.

10:06----------42.57
10:18----------44.91
10:19----------46.00
10:21----------48.37
10:28----------49.48-----------------2512.42
10:33----------45.35
10:40----------44.52
10:41----------43.80
10:44----------46.62
11:04----------43.62
11:15----------45.40

The market gets its second wind in the last half hour of trading and finished strong. The PSEi closed near its high.

11:31----------54.89
11:34----------55.23
11:35----------57.25
11:36----------58.69
11:38----------61.71
11:40----------62.93
11:44----------63.50
11:45----------64.42
11:46----------68.05
11:48----------68.46
11:49----------70.21
11:50----------72.91
11:53----------73.04
11:54----------75.48
11:56----------75.71----------------2538.65 (day's high)
11:57----------70.93
11:58----------68.39
11;59----------73.61
12:01----------72.97-----------------2535.91 (+2.96%)
Market Close.

Value turnover: PhP 2.904 bn
Cross transactions: PhP 1.200 bn
Block Sales: 990,979,040 shs of PCOR @ PhP 6.531 = PhP 6.472 bn

Advancers 89
Decliners 16
Unchanged 49

Sectoral Indices.
Property +4.53%
Holdings +3.67%
Industrial +3.28%
Financial +2.14%
Services +1.85%
M-O -0.30%

For index issues, only MWC (-1.45%) declined for the day.
The next target for the PSEi is to close the chart gap at the 2576-2566 levels opened last June 20 -23, 2008. The index support is at 2400 but it is ideal that it would hold at 2500.

The Day's Top Gainers:
CRC: PhP 4.50; +28.57%
UNI: PhP 0.13; +13.04%
FGEN: PhP 27.00; +11.34%

The Day's Biggest Decliners:
BCB: PhP 18.00; -10.00%
ABA: PhP 0.0070; -6.67%
ALHI: PhP 6.30; -5.97%

At mid-day:
Asian markets were mixed.
The Philippine Peso was stronger at PhP 43.973 vs US$ 1.00.