The Philippine Stock Market - August 29, 2008

The US equities market advanced more than 200 points overnight.
The Bangko ng Sentral ng Pilipinas (BSP) as expected raised interest rates by 25 basis points (bps)to keep inflation at bay (Inflation was at a 17-month high of 12.2% last July). This brought the key overnight borrowing rate to 6.00% and key overnight lending rate to 8.00%.

The local equities market seems to have found a support at the 2611-2630 levels the past days. The Philippine Stock Exchange Index (PSEi) opened higher and continued its advance to test the 2700 level.

PSEi previous close - 2655.75 (August 28)

time------------up--------------PSEi
9:31-----------5.50------------2661.25
9:41----------30.89-----------2686.64

After this initial surge, the market consolidates and keeps its gains until the end of the session.

9:46----------35.83
10:00---------37.87
10:07---------32.63
10:21---------34.30
10:36---------35.56
10:42---------37.46
10:50---------34.23
10:58---------35.49
11:05---------40.41-------------2696.16

The PSEi approaches the 2700 level.

11:14---------39.29
11:24---------38.33
11:28---------37.16
11:32---------34.36
11:39---------31.75------------2687.50

11:43---------35.11
11:49---------39.85
11:54---------40.07
11:56---------42.44------------2698.19 (day's high)
11:59---------34.96
12:01---------32.34------------2688.09 (+1.22%)
Market Close.

Value turnover: PhP 2.564 bn
Cross transactions: PhP 1.153 bn

Advancers 69
Decliners 29
Unchanged 51

Sectoral Indices.
Holdings +3.33%
Property +1.47%
Services +1.35%
Financial +1.17%
M-O +1.07%
Industrial +0.72%

The Day's Top Gainers:
FEU: PhP 1,290.00; +28.36%
AGI: PhP 4.65; +22.37%
CDC: PhP 2.00; +17.65%

The Day's Biggest Decliners:
SEVN: PhP 2.00; -33.33%
SGI: PhP 0.50; -9.09%
JTH: PhP 2.30; -8.00%

At mid-day:
Asian equities markets were mostly up.
The Philippine Peso was at PhP 45.834 vs US$ 1.00.