The Philippine Stock Market - August 08, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 11,431.43
Trade Time: August 7
Change: Down 224.64 (-1.93%)
Prev Close: 11,656.07
Open: 11,655.42
Day's Range: 11416.70 - 11655.58

WallStreet opened lower and traded on the downside the whole session. A late sell-off however had the DJIA end near its low. US equities markets remain volatile.

The local equities market also opened lower because of the big drop in WallStreet. However the Philippine Stock Exchange Index (PSEi) was able to recover and even closed higher near the 2700 level. This is the fourth time in around 2-3 weeks that losses of more than 200 points in the DJIA were shrugged off by the Philippine Stock market.

PSEi previous close - 2684.64 (August 07)

time-------------change--------------PSEi
9:31-------down 6.16--------------2678.48
9:32------------14.72
9:34------------15.38
9:37------------16.86
9:38------------18.51--------------2666.13 (day's low)

The Chart gap at the 2611-2656 levels opened last August 5-6 remains unfilled.
Selling pressure immediately eased up as select secondliners remain active.

9:39------down 9.89
9:49------------6.99
9:53------------2.03
9:55------------0.87
9:58------------1.97
10:00-----------3.28
10:01-----------4.05
10:05--------up 0.25

The PSEi moves into positive territory.

10:11----down 0.53
10:11-------up 1.45
10:19----------1.14
10:22----------1.92

After some consolidation; the market keeps its gains for the rest of the trading session. It just hovers near the 2700 level.

10:27-------up 2.91
10:28----------3.34
10:36----------4.92
10:40----------6.06
10:42----------6.55
10:44----------7.14
10:47----------5.71
10:51----------7.55
10:56----------4.01
11:00----------3.88
11:01----------9.97
11:02---------12.18
11:03---------13.79
11;04---------15.89----------------2700.53
11:07---------14.56
11:08---------13.34
11:09---------15.65
11:13---------16.02
11:15---------16.31----------------2700.95 (day's high)
11;17----------9.38
11;26----------9.81
11:43----------7.70----------------2692.34
11:50----------8.37
11:56---------12.36
12:01----------8.17----------------2692.81 (+0.31%)
Market Close.

Value turnover: PhP 2.585 bn
Cross transactions: PhP 1.042 bn

The resistance is now at 2700-2720 with a likely target at 2800. The support is seen at 2610-2650 (the chart gap left open).

Advancers 61
Decliners 42
Unchanged 45

Sectoral Indices.
M-O +1.02%
Services +0.71%
Industrial +0.33%
Holdings 0.00
Property -0.53%
Financial -0.56%

The Day's Top Gainers:
CRC: PhP 10.50; +40.00%
SFI: PhP 0.25; +13.64%
SPM: PhP 1.20; +13.21%

The Day's Biggest Decliners:
KPH: PhP 1.50; -11.76%
PHES: PhP 0.20; -11.11%
OM: PhP 0.011; -8.33%

At mid-day:
Asian markets were mixed.
The Philippine Peso was at PhP 44.29 vs US$ 1.00.