The Philippine Stock Market - October 09, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 9,258.10
Trade Time: Oct 8
Change: Down 189.01 (-2.00%)
Prev Close: 9,447.11
Open: 9,437.23
Day's Range: 9,194.78 - 9,628.07

Volatility continue to rule in WallStreet. After the US Federal Reserve and other Central Banks cut rates; the DJIA opened steeply lower but immediately zoomed up setting up a wild roller coaster ride for the session. The day's trading range was more than 400 points.

New York Metal $ Oil Report
Gold - up $22.15 to $901.15/$901.65
US Oil - down $1.11 to $88.95

The local equities market also traded with a lot of uncertainty but within a narrower range. The Philippine Stock Exchange Index (PSEi) ended lower as investors continue to adopt a wait-and-see attitude.

PSEi previous close - 2307.74 (Oct 8)

time------------change--------------PSEi
9:31--------down 10.19----------2297.55

The 2300 level was immediately broken.

9:32-------down 8.31-----------2299.43
9:33-------------17.44
9:34-------------22.78-----------2284.96

The July 3, 2008 low of 2289 was broken and the market moves to a new two-year low.

9:34-------down 24.18
9:35--------------25.32----------2282.42 (new 2 year low)

9:38--------------24.63
9:40--------------19.66
9:41--------------16.48
9:42--------------12.70
9:43--------------10.64
9:44---------------7.89
9:47---------------5.09----------2302.65

The PSEi tries to move above the 2300 level.

9:48-------down 4.31
9:49-----------up 1.66

The market goes into positive territory.

9:50-----------up 3.34
9:51---------------4.52
9:53---------------5.73
9:56---------------7.32---------2315.06 (day's high)

10:01-----------up 5.50
10:05--------------4.59
10:07--------------2.64
10:11--------------1.86---------2309.60

The market struggles to keep its marginal gains.

10:13---------up 4.48
10:15-------------1.70
10:16-------------3.34
10:19-------------1.29
10:20-------------0.88
10:24-------------0.48
10:25-------------0.13

10:27------down 2.93

The market again declines and stays in the RED for the rest of the trading session.

10:30-----down 3.98
10:33-------------4.40
10:35-------------7.04-------------2300.70
10:36-------------8.06-------------2299.68

The PSEi again goes lower than the 2300 level.

10:37-----down 10.11
10:40------------10.15
10:51------------12.64
10:52------------13.32

10:59-----down 12.37
11:04------------10.72
11:05-------------9.85-------------2297.89

11:07-----down 13.18
11:08------------13.79
11:10------------14.00
11:12------------15.18
11:13------------15.87
11:15------------17.61
11:28------------17.78
11:32------------18.89
11:35------------19.75
11:36------------20.02------------2287.68

11:42-----down 16.02
11:45------------18.63
11:48------------16.54
11:52------------19.03
11:53------------15.22
11:58------------18.59
12:01------------19.20------------2288.44 (-0.84%)
Market Close.

Value turnover: PhP 2.236 bn
Cross transactions: PhP 1.080 bn
Block Sales: 87,020,152 shs CRC @ PhP 2.98 = PhP 259.62 mn
----------------23620 shs TEL @ PhP 2505.77 = PhP 59.18 mn

Advancers 28
Decliners 66
Unchanged 50

The Day's Top Gainers:
CMT: PhP 0.60; +20.00%
MFC: PhP 1395.00; +11.16%
HI: PhP 1.40; +7.69%

The Day's Biggest Decliners:
IRCB: PhP 0.48; -40.00%
UNI: PhP 0.08; -30.43%
FED: PhP 3.50; -12.50%

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


EQUITY INDEX declines the past 3 days (Oct 6-8)
Index (Country)--------As of Oct. 3-------As of Oct 8-----% down
JCI (Indonesia)----------1832.51------------1451.67---------13.44%
HangSeng (HK)---------17682.40-----------15431.73-------12.72%
Nikkei (Japan)----------10938.14------------9203.32--------15.86%
PSEi (Phil)---------------2566.21-------------2307.74--------10.07%
DJIA (US)---------------10325.38-------------9258.10--------11.52%
SSE (China)-------------2293.78--------------2092.22---------8.78%