The Philippine Stock Market - July 31, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,583.69
Trade Time: July 30
Change: Up 186.13 (+1.63%)
Prev Close: 11,397.56
Open: 11,397.56
Day's Range: 11397.56 - 11586.62

WallStreet continued its bounce back as its rebound the past two days has almost gotten back its losses from its declines last Thursday (July 24) and Monday (July 28).
The DJIA opened higher, goes above the 11500 level, then gave back its gains by mid-session. However, it never went into negative territory. It rallied in the last couple of hours of trading and closed strong to end near its high.

The local equities market got an initial boost from the rally in the US and immediately opened higher. The Philippine Stock Exchange Index (PSEi) however succumbed to profit taking and selling pressure when it failed to hold above the 2600 level.

PSEi previous close - 2583.83 (July 30)

time----------------change---------------PSEi
9:31--------------up 17.26-------------2601.09

The 2600 level was immediately broken.

9:33--------------up 21.09
9:35-----------------22.84
9:41-----------------24.89
9:44-----------------26.04
9:48-----------------26.60
9:49-----------------30.14--------------2613.97 (day's high)

The PSEi touches the lower range of the 2620-2613 chart gap.

9:50--------------up 22.38
9:54-----------------26.95
9:57-----------------29.22---------------2613.05

The 2613-2620 chart gap proves to be a resistance and market pulls back. Profit taking ensues.


10:10-------------up 27.63
10:22----------------24.07
10:24----------------23.23
10:27----------------22.90
10:33----------------21.50
10:35----------------19.66
10:47----------------15.50---------------2598.83

The PSEi breaks below the 2600 level. Selling pressure increases and the decline accelerates.

10:52-------------up 13.11
10:56----------------10.99
11:00-----------------9.43
11:03----------------12.12
11:06-----------------8.76
11:08-----------------7.05
11:12-----------------5.20
11:13-----------------2.55
11:15-----------------0.68
11:16-----------------0.30
11:17------------down 0.01---------------2583.82

The market goes in the Red and briefly tries to stay afloat.

11:19-------------up 0.47
11:20-----------down 0.74
11:22----------------2.17
11:29----------------3.60
11:32----------------4.77
11:35----------------4.91
11:38----------------2.05
11:40-------------up 1.82
11:41-----------down 2.59

With time winding down; the market closes near its low.

11:46-----------down 3.43
11:47----------------4.29
11:49----------------1.98
11:52----------------3.15
11:53----------------5.25
11:56----------------7.31-----------------2576.52 (day's low)
11:57----------------5.89
11:58----------------4.08
11:59----------------1.12
12:01----------------6.73-----------------2577.10 (-0.26%)
Market Close.

Value turnover: PhP 3.385 bn
Cross transactions: PhP 1.112 bn
Block Sale: 121,000,000 shs EDC @ PhP 5.00 = PhP 605 mn

Advancers 59
Decliners 53
Unchanged 43

Sectoral Indices.
Property -1.09%
Financial -0.66%
Holdings -0.21%
Industrial -0.15%
Services +0.55%
M-O +0.55%

The Day's Top Gainers:
ILIB: PhP 0.99; +50.00%
PRIM: PhP 0.78; +32.20%
AR: PhP 0.0080; +23.08%

The Day's Biggest Decliners:
UW: PhP 0.125; -10.71%
GSMI: PhP 23.50; -9.62%
SFI: PhP 0.22; -8.33%

At mid-day:
Asian equities markets were mostly up.
The Philippine Peso was at PhP 44.218 vs US$ 1.00.