The Philippine Stock Market - October 08, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 9,447.11
Trade Time: Oct 7
Change: Down 508.39 (-5.11%)
Prev Close: 9,955.50
Open: 9,955.42
Day's Range: 9436.67 - 10124.03

WallStreet initially tried to mount a rally to go above the 10,000 level early in the trading day. It was up by around 160 points at one point. However, panic selling again overwhelmed the market and the DJIA plunged to a 5 year low.

New York Metal & Oil Report
Gold - up $10.60 to $879/$879.50
US Oil - up $2.25 to $90.06

The local equities market also fell steeply as investor confidence continue to be shaken. The Philippine Stock Exchange Index (PSEi) tests the 2300 level.


PSEi previous close - 2424.19 (Oct 7)

time------------down---------------PSEi
9:31------------78.59-------------2345.60
9:32------------81.08-------------2343.11

The September 18 low of 2342 is immediately tested.

9:34-------------84.24
9:36-------------86.64------------2337.55

9:41-------------81.97
9:45-------------80.15
9:49-------------78.99

9:50-------------82.19
9:57-------------78.12
10:02------------76.35------------2347.84

10:18------------82.18
10:20------------85.22

10:32------------81.53
10:34------------86.37
10:35------------89.10------------2335.09

The PSEi goes well below the 2342 support and the decline deepens.

10:38-----------90.55
10:39-----------91.17
10:43-----------92.98
10:48-----------93.31
10:53-----------96.96
10:54-----------97.19
10:59-----------98.18
11:07----------101.18
11:18----------101.21--------------2322.98

11:22-----------98.33
11:26----------100.02

11:37-----------97.27
11:43----------100.68
11:47----------102.67
11:46----------106.17
11:50----------108.50
11:51----------110.61

11:53----------107.75
11:56----------111.63
11:58----------115.40
11:59----------117.59-------------2306.60 (day's low)
12:01----------116.45-------------2307.74 (-4.80%)
Market Close.

Value turnover: PhP 2.342 bn
Cross transactions: PhP 691 mn
Block Sale: 465,810 shs CHIB @ PhP 450 = PhP 209.614 mn

Advancers 14
Decliners 113
Unchanged 21

Sectoral Indices again fell across-the-board.
Industrial -6.43%
Financial -4.58%
Property -4.54%
Services -4.31%
Holdings -3.96%
M-O -1.83%

The Day's Top Gainers:
OPM: PhP 0.021; +16.67%
ROX: PhP 2.55; +10.87%
OPMB: PhP 0.021; +10.53%

The Day's Biggest Decliners:
ILI: PhP 0.57; -36.67%
IRC: PhP 0.50; -30.56%
PWR: PhP 0.14; -26.32%

At mid-day:
Asian equities markets were down.
The Philippine Peso was weaker at PhP 47.617 vs US$ 1.00.

In the news at this hour:
The US Federal Reserve Board orders an emergency rate cut by 0.5% that lowers interest rates from 2.0% to %1.5. The move comes ahead of its scheduled meeting on Oct. 29.
In Europe, the bank of England cuts its rates by a half a point to 4.5% while the European Central Bank (ECB) sliced its rate to 3.75%.