The Philippine Stock Market - September 15, 2008

News on Bloomberg TV during the trading session at the PSE:
Lehman Brothers prepares to file for bankruptcy.
Bank of America buys Merrill Lynch.
Dow Futures is down by around 2.5% (about 300 points).

The local equities market drops on renewed worries in the US financial sector even as World Crude prices touches a six month low below the $100 a barrel level. The Philippine Stock Exchange Index (PSEi) goes below its support levels and ends at its low.

PSEi previous close - 2646.12 (Sept 12)

time---------down------------PSEi
9:31--------14.73-----------2631.39
9:32--------20.51
9:33--------23.52
9:40--------24.76
9:45--------31.76
9:51--------32.83
9:53--------38.56-----------2607.56

The chart gap from the 2611 level left open since August 5 is filled up.

9:54--------40.90
9:57--------41.50
10:00-------43.83
10:03-------44.11
10:05-------45.80
10:07-------46.22-----------2599.90

The market goes below the 2600 level. The decline continues as panic selling sets in.

10:12-------46.46
10:17-------47.24
10:20-------48.59
10:23-------49.52
10:28-------52.20
10:32-------54.53
10:36-------55.12
10:39-------56.13-----------2589.99

10:43-------56.29
10:45-------59.74
10:49-------64.19
10:51-------66.00-----------2580.01

10:52--------66.77
11:00--------67.14
11:04--------68.37
11:05--------69.90
11:08--------70.90
11:09--------73.01
11:12--------75.74
11:13--------76.56----------2569.56

11:16--------83.52
11:21--------84.30
11:24--------86.40----------2559.72

11:25--------89.11
11:28--------96.74----------2549.38

11:32--------96.84
11:33--------97.99
11:34--------98.33
11:35--------98.78
11:39--------99.71
11:42-------101.29
11:45-------102.39
11:48-------105.01----------2541.11

11:50-------100.79
11:52--------99.79----------2546.33

11:54-------104.06
11:56-------105.75
11:59-------109.55
12:01-------109.96----------2536.16 (-4.16%)
Market Close.

Value turnover: PhP 1.910 bn
Cross transactions: PhP 622 mn

Advancers: 11
Decliners: 92
Unchanged: 33

There was no index gainer:

Sectoral Indices.
Industrial -4.97%
Property -4.93%
Services -3.31%
Financial -3.18%
M-O -3.02%
Holdings -1.80%

The Day's Top Gainers:
OMW2: PhP 0.0065; +8.33%
AGI: PhP 4.10; +6.49%
ATN: PhP 4.40; +6.02%

The Day's Biggest Decliners:
EURO: PhP 1.54; -14.44%
CYBR: PhP 0.30; -11.76%
PAX: PhP 2.50; -10.71%

At mid-day:
Asian equities markets were down.
The Philippine Peso was at PhP 46.933 vs US$ 1.00.