The Philippine Stock Market - July 30, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,397.56
Trade Time: July 29
Change: Up 266.48 (+2.39%)
Prev Close: 11,131.08
Open: 11,133.44
Day's Range: 11128.06 - 11398.38

WallStreet staged a huge rebound after the past days' declines as Oil Prices hits its lowest level in 3 months. The DJIA close near its high just below the 11400 level.

After holding at the 2500 support level despite the recent big drops in the US equities markets; the Philippine Stock Exchange Index (PSEi) opened strong and held on to its gains to also close near its high.

PSEi previous close - 2526.04 (July 29)

time-----------------up----------------PSEi
9:31---------------12.06--------------2538.10
9:32---------------32.75--------------2558.79
9:34---------------32.19
9:41---------------36.00
9:42---------------37.00
9:47---------------38.65
9:47---------------40.69--------------2566.73

The PSEi attempts to close the 2576-2566 chart gap opened last June 20-23, 2008.

10:00--------------42.94
10:02--------------43.78
10:03--------------44.39
10:06--------------47.02
10:07--------------48.85
10:10--------------51.04--------------2577.08

The 2576-2566 chart gap is filled. The market consolidates its gains for the rest of the trading session.

10;13---------------47.36
10:17---------------45.53-------------2571.57
10:30---------------48.52
10:35---------------50.89
10:42---------------52.45
10:46---------------52.62
10:54---------------53.90
11:03---------------54.00
11:05---------------55.68
11:08---------------57.54--------------2583.58
11;12---------------54.41
11:15---------------54.00
11:23---------------56.28
11:25---------------57.98
11:26---------------58.41--------------2584.45 (day's high)
11:39---------------55.99
11:44---------------51.44
11:52---------------50.40
11:55---------------53.97
11:58---------------55.90
12:01---------------57.79---------------2583.83 (+2.29%)
Market Close.

Value turnover: PhP 2.783 bn
Cross transactions: PhP 912 mn
Block Sale: 5,575,000 shs PX @ PhP 7.10 = PhP 46.682 mn

Advancers 88
Decliners 17
Unchanged 47

Should the market continue with it momentum and break the 2600 level; the next target will be to close the chart gap at the 2620-2613 levels opened last June 18-19, 2008.

Sectoral Indices advanced across-the-board.
Property +3.09%
Financial +3.08%
Holdings +2.35%
Industrial +1.56%
Services +1.39%
M-O +0.99%

The Day's Top Gainers:
GSMI: PhP 26.00; +38.67%
PRIM: PhP 0.59; +34.09%
KEP: PhP 1.60; +33.33%

The Day's Biggest Decliners:
PA: PhP 0.11; -8.33%
ATNB: PhP 0.30; -5.36%
LND: PhP 0.43; -4.44%

At mid-day:
Asian markets were up.
The Philippine Peso was at PhP 44.127 vs US$ 1.00.