The Philippine Stock Market - September 18, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 10,609.66
Trade Time: Sept 17
Change: Down 449.36 (-4.06%)
Prev Close: 11,059.02
Open: 11,056.58
Day's Range: 10595.90 - 11057.31

WallStreet goes into another freefall and closes near its low.

New York Metal and Oil Report:
Gold - up $77.85 : $858.35/$858.85
US Oil - up $ 4.01 : $95.16

The local equities market continues to suffer from negative sentiment and another selldown ensues. Concerns on bank exposures in troubled US financial giants hound investors. The Philippine Stock Exchange Index (PSEi)continues to look for a support and closes near its low.

PSEi previous close - 2457.00 (Sept 17)

time------------down-------------PSEi
9:31-----------58.47-----------2398.53

The 2400 level is immediately broken.

9:32-----------60.60
9:33-----------62.95
9:38-----------66.76
9:39-----------68.33
9:40-----------68.39
9:42-----------68.73-----------2388.27

9:45-----------66.31
9:48-----------60.98
9:50-----------55.02-----------2401.98

9:53-----------63.99
9:54-----------64.18
9:55-----------65.58
10:00----------62.36
10:01----------60.73

10:05----------61.85
10:06----------63.55
10:07----------67.82
10:08----------68.98

10:09----------69.53-----------2387.47
10:15----------67.69
10:19----------68.23
10:22----------69.23

10:23----------70.10
10:29----------72.49
10:31----------73.27
10:35----------76.31
10:36----------76.50
10:37----------76.73
10:38----------76.79-----------2380.21

10:39----------72.58
10:41----------75.28
10:42----------77.99
10:43----------79.01
10:44----------81.12
10:45----------83.42
10:46----------86.06----------2370.94

The July 16, 2008 low of 2372 is broken.

10:47----------86.69
10:48----------87.79
10:49----------87.97
10:53----------88.68

10:54----------86.97
10:55----------85.74
11:00----------84.33----------2372.67

11:03----------86.64
11:07----------88.18
11:10----------90.05
11:13----------91.56
11:14----------93.15
11:15----------94.69
11:16----------96.35----------2360.65

11:17----------97.23
11:19----------98.13
11:20---------100.01----------2356.99

11:22----------97.76
11;25----------98.78
11:26---------100.77
11:27---------103.92
11:28---------104.06

11:37---------101.16
11:38---------104.05
11:39---------105.28
11:40---------105.63
11:41---------106.00
11:42---------107.89---------2349.11

11:44---------105.67
11:45---------106.53
11:46---------106.18
11:47---------104.84

11:49---------102.69
11:53---------106.63
11:54---------109.09
11:55---------110.56
11:56---------111.71
11:57---------112.05
11:58---------114.54--------2342.46 (day's low)
11:59---------111.94
12:01---------104.63--------2352.37 (-4.26%)
Market Close.

Value turnover: PhP 2.158 bn
Cross transactions: PhP 643 mn

A chart gap was opened today at the 2441-2398 level. This week, the PSEi has already lost 293.75 points or 11% in the past four trading days.
The support seen is at 2289, the July 3, 2008 low.

Advancers 14
Decliners 117
Unchanged 23

Sectoral Indices.
Industrial -6.81%
Property -5.88%
Holdings -4.98%
Services -2.74%
M-O -2.74%
Financial -1.90%

The Day's Top Gainers:
MFC: PhP 1250.00; +13.12%
BDO: PhP 34.50; +9.52%
PAL: PhP 3.70; +8.82%

The Day's Biggest Decliners:
PRIM: PhP 0.47; -39.74%
SHNG: PhP 1.20; -29.41%
CDC: PhP 1.30; -26.14%

Declines of Select Indices from the year-highs:
Index--------------date/yr high---------------date/value----------------% down
PSEi---------------Oct 8 07/3896.74---------Sept 18 08/2352.37-------39.63%
DJIA--------------Oct 11 07/14198.10-------Sept 17 08/10609.66------25.55%
HangSeng--------Oct 30 07/31958.40------Sept 17 08/17637.19------44.89%
Shanghai---------Oct 17 07/6124.04--------Sept 17 08/1929.05-------69.23%


At mid-day: (Sept 18)
Asian markets were down. The HangSeng Index (HongKong) was down by 1234.01 pts (16403.18).
The Philippine Peso was at PhP 47.252 vs US$ 1.00.