The Philippine Stock Market - July 29, 2008

Dow Jones Industrial Average (DJIA)Summary
Index Value: 11,131.08
Trade Time: July 28
Change: Down 239.61 (-2.11%)
Prev Close: 11,370.69
Open: 11,369.47
Day's Range: 11125.13 - 11369.55

The DJIA suffers declines more than 200 points for the second time in three (trading) days and closes near its low.
The IMF says that there is no end in sight in the US housing slump. Yesterday, two regional lenders with assets of around $3 bn were closed down by US regulators.
The US budget deficit is seen to be at $482 bn in 2009. The stimulus package and war spending seems to be not helping.

The local equities market was again rattled by this huge drop in WallStreet. The Philippine Stock Exchange Index (PSEi) opened immediately lower but it was able to hold its ground above the key 2500 level.

PSEi previous close - 2540.81 (July 28)

time---------------down---------------PSEi
9:31--------------6.91--------------2533.90
9:32--------------9.23
9:34-------------10.07
9:35-------------14.53
9:37-------------16.01--------------2524.80
9:41-------------11.81
9:45-------------14.28
9:48-------------16.87
9:54-------------18.03
10:02------------16.65
10:09------------19.76
10:10------------22.62
10:15------------24.34
10:17------------25.43
10:20------------28.32---------------2512.49
10:28------------27.16
10:31------------26.83
10:33------------27.01
10:40------------27.53
10:43------------28.66
10:47------------28.92---------------2511.89
10:51------------26.52
11:00------------29.49---------------2511.32 (day's low)
11:14------------26.82
11:18------------24.51
11:20------------25.70
11:25------------23.10
11:26------------20.40
11:35------------23.08
11:43------------20.70
11:54------------19.87
11:59------------18.16
12:01------------14.77---------------2526.04 (-0.58%)
Market Close.

Value turnover: PhP 2.358 bn
Cross transactions: PhP 620 mn
Block Sales: 113,075,000 PX shs @ PhP 7.10 = PhP 802.832 mn
-----------3,750,000,009 PCOR shs @ 6.531 = PhP 24.491 bn

Advancers 51
Decliners 49
Unchanged 36

Sectoral Indices.
M-O +1.72%
Property +0.52%
Industrial +0.35%
Holdings +0.07%
Financial -1.22%
Services -1.36%

The Day's Top Gainers:
SGI: PhP 0.59; +37.21%
PRIM: PhP 0.44; +25.71%
MA: PhP 0.016; +23.08%

The Day's Biggest Decliners:
CRC: PhP 5.00; -13.79%
PWR: PhP 0.20; -9.09%
CDC: PhP 1.50; -6.25%

At mid-day.
Asian markets were down.
The Philippine Peso was at PhP 44.276 vs US$ 1.00.