The Philippine Stock Market - September 11, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 11,268.92
Trade Time: September 10
Change: Up 38.19 (+0.34%)
Prev Close: 11,230.73
Open: 11,233.91
Day's Range: 11,215.26 - 11,380.63

The local equities market fell through the 2700 level. The Philippine Stock Exchange Index (PSEi) was weak throughout the trading session and it closed near its low.

PSEi previous close - 2709.49 (Sept 10)

time------------down------------PSEi
9:31----------27.34------------2682.15

The 2700 level is immediately broken. PLDT (TEL) opened at PhP 2730 from a previous close of PhP 2770. It sets the trend for the day.

9:32----------19.63
9:37----------14.66
9:39----------10.65
9:40-----------9.22------------2700.27

The PSEi tries to go back above the 2700 level.

9:44-----------4.99
9:47-----------3.56------------2705.93

9:48-----------5.90
9:51-----------8.96

The Philippine Peso trades at PhP 47.056 vs US$ 1.00.

9:59----------10.10------------2699.39

The PSEi goes below the 2700 level anew.

10:04---------11.84
10:09---------12.20
10:16---------13.92
10:21---------14.73
10:23---------16.36
10:27---------17.65
10:39---------17.86
10:46---------18.83
10:47---------19.13------------2690.36

10:55---------16.45
10:59---------15.64
11:01---------14.13
11:05---------10.50------------2698.99

Another attempt to go above the 2700 level fails. The decline again accelerates.

11:13---------16.76
11:26---------29.84
11:28---------31.92
11:31---------32.26
11:32---------34.59
11:33---------36.61
11:40---------36.84
11:42---------37.25-----------2672.24 (day's low)

11:51---------34.00
11:57---------36.93
11:58---------35.21
11:59---------34.75
12:01---------36.93-----------2672.56 (-1.36%)
Market Close.

Value turnover: PhP 4.916 bn
Cross transactions: PhP 929 mn
Block Sales: 456,689,000 shares HLCM @ 5.70 = PhP 2.603bn
---------------20,000 shares TEL @ 2775.00 = PhP 55 mn

Advancers: 25
Decliners: 76
Unchanged: 43

The immediate market support is seen at the 2632-2650 levels.

Sectoral Indices were down across-the-board.
Holdings -2.11%
M-O -2.03%
Financial -1.46%
Services -0.89%
Industrial -0.67%
Property -0.51%

Index Issue Top Decliners:
BPI: -6.32 pts
TEL: -5.72 pts
AC: -5.14 pts
SM: -4.31 pts
BDO: -2.34 pts

The Day's Top Gainers:
CRC: PhP 4.50; +11.11%
WIN: PhP 0.21; +7.69%
HLCM: PhP 5.60; +5.66%

The Day's Biggest Decliners:
ATSP: PhP 2.00; -32.20%
FED: PhP 4.00; -27.27%
ATRK: PhP 3.50; -12.50%

At mid-day:
Asian equities markets were mostly down.
The Philippine Peso was at PhP 47.071 vs US$ 1.00.