The Philippine Stock Market - August 05, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,284.15
Trade Time: August 4
Change: Down 42.17 (-0.37%)
Prev Close: 11,326.32
Open: 11,326.32
Day's Range: 11221.53 - 11382.17

WallStreet started weak and went lower to test the 11200-11220 level. It recovered by midday and was even up by more than 50 points to go near the 11400 level. It however gave back its gains in late trading and ended in negative territory.
World Oil Prices falls to a three month low at around $120 a barrel.
The US Fed is widely expected to maintain rates unchanged at 2.00%. Unemployment is at its highest in 4 years.

Today, the local equities market continues to consolidate near the 2600 level. It again moved in a narrow trading range. Despite data coming out that inflation for July rose to 12.2%; which is a 16-year high; the Philippine Stock Exchange Index (PSEi) managed to eke out marginal gains.

PSEi previous close - 2599.99
open - 2595.94
low - 2591.82 (-8.17)
high - 2611.38 (+11.39)
close - 2602.28 (+2.39 or +0.09%)

Value turnover: PhP 2.579 bn
Cross transactions: PhP 1.240 bn

Advancers 60
Decliners 38
Unchanged 55

Sectoral Indices were mixed.
Holdings +1.50%
Property +1.11%
Services +0.15%
Financial -0.18%
M-O -0.27%
Holdings -1.02%

The Day's Top Gainers:
RCM: PhP 2.02; +12.22%
ARA: PhP 0.47; +11.90%
CEI: PhP 0.080; +10.34%

The Day's Biggest Decliners:
UW: PhP 0.13; -13.33%
SPM: PhP 1.06; -11.67%
MB: PhP 0.51; -8.93%

At mid-day:
Asian markets were mostly down.
The Philippine Peso was at PhP 44.202 vs US$ 1.00.