The Philippine Stock Market - September 29, 2008

The local equities market (together with the other asian stock markets)started strong as the US financial bail out plan heads for a vote. The Philippine Stock Exchange Index (PSEi) advanced in the first few minutes but soon gave up most of its gains as trading progressed.

PSEi previous close - 2597.23 (September 26)

time--------------up---------------PSEi
9:31-------------25.57------------2622.80

TEL opens at PhP 2750 from a previous close of PhP 2700.

9:32-------------28.57
9:36-------------30.25------------2627.48 (day's high)

9:38-------------16.58

TEL trades at PhP 2700

9:45-------------15.84
9:50-------------13.58
9:53-------------12.45

TEL at PhP 2680. Market momentum has reversed.

9:54-------------10.56
9:59--------------8.97
10:12-------------6.21
10:25-------------5.19
10:29-------------2.83----------2600.06

The 2600 level is tested and the PSEi hovers around this level in the next half hour.

10:32------------1.57
10:35------------1.34-----------2598.57
10:38------------2.51
10:43------------3.87
10:52------------4.13-----------2601.36
10:54------------1.64
10:59------------2.98

11:01------------7.07-----------2604.30
11:04------------8.73

The market manages to hold above the 2600 level for the rest of the trading session.

11:13------------5.82
11:17------------7.96
11:32------------8.89
11:43-----------11.69
11:52-----------12.13
11:54-----------14.51

11:57-----------11.44
11:59-----------17.66-----------2614.89
12:01-----------10.35-----------2607.58 (+0.40%)
Market Close.

The resistance remains at 2630. Support is seen at 2510.

Value turnover: PhP 2.140 bn
Cross transactions: PhP 873 mn

Advancers 44
Decliners 33
Unchanged 55

Sectoral Indices.
Industrial +1.76%
Financial +1.03%
Holdings +0.26%
M-O -0.04%
Property -0.31%
Services -0.58%

The Day's Top Gainers:
DFNN: PhP 7.80; +14.71%
UNI: PhP 0.125; +8.70%
EVER: PhP 0.13; +8.33%

The Day's Biggest Decliners:
BCI: PhP 6.50; -35.00%
ABAB: PhP 0.0070; -12.50%
FAF: PhP 0.48; -9.43%

At mid-day:
Asian equities market were down after being up earlier in the day. Developments in the financial bail out plan are still being awaited.

In the news this afternoon:
European financial institutions continue to feel the credit crunch.
The Belgian and Dutch governments take over Fortis; while Bradford & Bingley is seized by the UK government and Banco Santander's (of Spain) Abbey buys its branches (and deposits).

Outline of the US financial bailout plan.
$250 bn is available upfront.
Congress has the right to reject the final $350 bln.
Limits executive pays, golden parachutes.
Treasury gets right to acquire stakes in banks (through warrants).