The Philippine Stock Market - July 25, 2008

Dow Jones Industrial Average(DJIA)Summary
Index Value: 11,349.28
Trade Time: July 24
Change: Down 283.10 (-2.43%)
Prev Close: 11,632.38
Open: 11,630.34
Day's Range: 11345.37 - 11634.49

WallStreet was lower as home sales were at 10-year lows sparking a new round of fears that the housing slump is deepening. The selldown also sparked a steep correction from its recent runup from the 10900 level to 11600. The DJIA closed near its low and was down by almost 2 1/2%.

The local equities market took its cue from the drop in WallStreet together with the rest of the Asian region. The Philippine Stock Exchange Index (PSEi) immediately opened lower and tested the 2500 level as a support.

PSEi previous close - 2535.91 (July 24)

time-------------down----------------PSEi
9:31------------35.30---------------2500.61
9:35------------37.57
9:36------------42.77---------------2493.14 (day's low)

After the opening fall, the market was able to immediately consolidate and selling pressure eased off. The PSEi remained unchanged for more than 10 minutes and investor jitters subsided.

9:47------------42.77---------------2493.14
9:55------------37.74---------------2498.17

The market then goes above the 2500 level and holds until the end of the trading session.

10:09-----------26.84---------------2509.07
10:15-----------22.33
10:30-----------24.69
10:45-----------19.93
11:04-----------15.75---------------2520.16
11:11-----------21.90
11:24-----------25.32
11:43-----------20.98
11:50-----------24.50
11:58-----------28.97
12:01-----------23.19----------------2512.72 (-0.91%)
Market Close.

Value turnover: PhP 1.905 bn
Cross transactions: PhP 707 mn

Advancers 40
Decliners: 58
Unchanged 48

Sectoral Indices:
Financial -2.19%
Holdings -1.41%
Industrial -1.35%
Property -1.19%
M-O -0.07%
Services -0.95%

The Day's Top Gainers:
BC: PhP 17.75; +36.54%
PECB: PhP 9.90; +32.00%
CRC: PhP 5.80; +28.89%

The Day's Biggest Decliners:
FEU: PhP 980.00; -18.33%
KEP: PhP 1.20; -14.29%
CPV: PhP 1.50; -13.79%

At mid-day:
Asian equities markets were down.
The Philippine Peso was at PhP 44.209 vs US$ 1.00.

Local investors will be watching the trading in WallStreet to see if the selling momentum will continue to drag the DJIA lower or if last night's drop was just a correction.

The Philippine President's State of the Nation Address (SONA) and the reactions to it; will also be monitored early next week.