The Philippine Stock Market - September 23, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 11,015.69
Trade Time: Sept 22
Change: Down 372.75 (-3.27%)
Prev Close: 11,388.44
Open: 11,394.42
Day's Range: 10,992.20 - 11,394.58

WallStreet corrected and gave back its gains from Friday on concerns that the US Government's rescue plan won't avert a recession. Details are keenly watched as the US Treasury Secretary and Fed Reserve Board Chairman give their testimony to Congress later.
The DJIA closed near its low and just above the 11000 level.

New York Metal & Oil Report:
Gold up $43.95 - $903.30/$903.80
US Oil up $16.37 - $120.92.

At one point; Oil hit the $130 a barrel level and again worries investors that the era of record crude prices is not yet over. Oil was back to around $110 a barrel as of this afternoon.

The local equities market also retreats from late last week's strong advance. The Philippine Stock Exchange Index (PSEi) goes below the 2500 level but was able to limit its losses.

PSEi previous close - 2520.13 (Sept 22)

time------------down-------------PSEi
9:31-----------5.41-------------2514.72

The 2500 level is immediately broken and the decline accelerates.

9:32----------28.66
9:33----------29.83
9:35----------32.86
9:36----------35.16
9:37----------38.15
9:40----------40.74

9:41----------36.97
9:43----------46.97
9:44----------47.12
9:46----------48.73--------------2471.40

The chart gap opened yesterday (2472-2520) was filled.

9:51----------50.04
9:52----------51.58
9:53----------54.45
9:55----------55.37-------------2464.76

10:00---------53.74
10:01---------52.96
10:03---------51.21

10:05---------54.08
10:06---------55.78
10:07---------56.19-------------2463.94 (day's high)

The market begins to regain some of its losses.

10:11---------51.59
10:13---------50.17
10:17---------49.49
10:18---------48.49-------------2471.64

10:22---------46.97
10:23---------43.81
10:24---------42.36
10:28---------41.51
10:29---------38.86
10:31---------37.60
10:33---------37.10

10:37---------39.97
10:41---------40.88

10:47---------37.37
10:49---------34.38
10:50---------31.39
10:51---------29.68
10:53---------27.83
10:55---------26.90
10:58---------24.57
11:07---------23.52-----------2496.61

The 2500 level proves to be a resistance.
The market moves in a narrow range for the rest of the trading session.

11:13---------28.23
11:14---------30.34
11:23---------27.66
11:37---------26.86
11:38---------25.64
11:45---------29.60
11:49---------30.61
11:54---------27.08
11:55---------25.91

11:57---------30.07
11:58---------32.85
11:59---------33.31
12:01---------33.84-----------2486.29(-1.34%)
Market Close.

Value turnover: PhP 2.451 bn
Cross transactions: PhP 1.152 bn
Block Sales: 19150 shs TEL at PhP 2630 and 10000shs @ PhP 2625 =
--------------PhP 76,614,500

Advancers 25
Decliners 65
Unchanged 53

Sectoral Indices:
Property -2.49%
Holdings -1.84%
Financial -1.46%
Services -0.99%
Industrial -0.63%
M-O +0.72%

The Day's Top Gainers:
ATS: PhP 1.90; +39.71%
CDC: PhP 1.60; +23.08%
MA: PhP 0.012; +9.09%

The Day's Biggest Decliners:
IRC: PhP 0.50; -33.33%
FPH: PhP 18.00; -10.00%
SLF: PhP 1410.00; -9.03%

At mid-day:
Asian equities markets were mostly down.
The Philippine Peso was at PhP 46.505 vs US$ 1.00.