The Philippine Stock Market - September 08, 2008

Philippine Inflation reached 12.5% in August and is the fastest in 16 years and is slightly higher than the July Consumer Price Index (CPI) of 12.2%. It is however well within most analysts' expectations.
Figures were also within but at the upper end of the BSP's expectations of 11.8% to 12.6% and was at the middle of NEDA's 12.1% to 12.7% expectations.

With the news that the US government bails out /takes over troubled mortgage company giants Fannie Mae and Freddie Mac; asian equities markets were up and the local equities market also opened strong. The Philippine Stock Exchange Index (PSEi) however just touched the 2750 resistance level and gave back most of its gains at the end of the day's trading session.

PSEi previous close - 2724.72 (September 5)

time----------change-------------PSEi
9:31---------up 14.39-----------2739.11
9:34------------17.66
9:35------------18.73
9:37------------19.49
9:39------------26.06-----------2750.74 (day's high)

9:45---------up 18.75
9:50------------12.24
9:51------------11.07
10:01------------9.35
10:06------------8.85

10:15--------up 12.39
10:22------------9.75
10:29------------8.39
10:37------------7.45
10:46------------5.43

10:59---------up 6.43
11:09------------7.39

11:12---------up 5.28
11:15------------4.10
11:18------------2.39
11:23------------1.58
11:32------------0.70

11:36---------up 2.80
11:39------------1.42
11:47------------2.20
11:48------------1.93

11:50------down 0.38-----------2724.34 (day's low)

11:52---------up 2.22
11:54------------3.26
11:59------------1.87
12:01------------3.81----------2728.53 (+0.14%)
Market Close.

Value turnover: PhP 1.536 bn
Cross transactions: PhP 574 mn

Advancers 44
Decliners 41
Unchanged 47

Sectoral Indices:
Financial +0.73%
Property +0.35%
Holdings -0.02%
M-O -0.04%
Services -0.23%
Industrial -0.28%

The Day's Top Gainers:
ETON: PhP 2.50; +20.19%
JOH: PhP 1.30; +18.18%
AR: PhP 0.0070; +7.69%

The Day's Biggest Decliners:
APR: PhP 2.10; -16.00%
UPM: PhP 0.011; -8.33%
IPO: PhP 2.80; -6.67%

At mid-day:
Asian equities markets were up.
The Philippine Peso was at PhP 46.371 vs US$ 1.00.