The Philippine Stock Market - October 10, 2008

Dow Jones Industrial Average(DJIA) Summary
Index Value: 8,579.19
Trade Time: Oct 9
Change: Down 678.91 (-7.33%)
Prev Close: 9,258.10
Open: 9,261.69
Day's Range: 8579.19 - 9448.14

After trying to stay above the 9,000 level for most of the trading day (wherein the DJIA was up more than 180 points), a late selloff had the DJIA break below this level and once again panicked investors. After the smoked cleared, the DJIA ended at its low (a new two-year low) and has turned around more than 860 points during the trading session.

The ban on short selling of financial stocks ends.

New York Metal & Oil Report
Gold - down $19.80 to $881.35/$881.85
US Oil - down $2.36 to $86.59

The local equities market was again jolted by the volatility in WallStreet. The Philippine Stock Exchange Index (PSEi) lost almost 200 points and probably suffered the worst percentage loss (-8.33%) at the close.

PSEi previous close - 2288.44 (Oct 9)

time----------down-------------PSEi
9:31---------17.71------------2270.73
9:32--------121.45----------2166.99 (-5.31%)

TEL opened at PhP 2275 from a previous close of PhP 2455.

9:33--------122.30
9:34--------126.48
9:35--------130.71
9:36--------132.77----------2155.67

9:42--------122.27
9:46--------113.69
9:48--------111.25

10:00-------124.55
10:08-------130.06
10:18-------133.36
10:25-------133.70
10:32-------137.04----------2151.40
10:35-------138.79----------2149.65

The July 17, 2006 low of 2151 is broken.

10:39-------141.79
10:42-------145.02
10:43-------150.70----------2137.74

The PSEi starts to close the chart gap at the 2090-2137 levels left open since June 29-30, 2006.

10:45--------156.30
10:46--------157.12
10:47--------159.07
10:48--------160.65
10:49--------163.03
10:50--------168.16
10:51--------171.23
10:52--------174.18
10:53--------174.71
10:54--------175.27
10:56--------177.77
10:57--------179.11----------2109.33

11:01--------170.70
11:02--------167.05
11:07--------163.50----------2124.94

11:12--------170.52
11:16--------171.73
11:19--------172.06
11:29--------172.86
11:29--------175.41
11:31--------177.84
11:32--------178.59
11:34--------181.10
11:35--------185.05----------2103.39

11:44--------179.68
11:52--------182.27
11:53--------186.40
11:55--------187.64
11:56--------188.85
1:57---------190.99---------2099.59

The 2100 level was broken.

11:59--------192.23---------2096.21 (the day's low)
12:01--------190.64---------2097.80 (-8.33%)
Market Close.

Value turnover: PhP 2.998 bn
Cross transactions: PhP 1.032 bn

There was no index issue that advanced. TEL closed at PhP 2245 (-8.55%) and being a market heavy-weight, it accounted for a decline of 60.24 points in the PSEi.

The Day's Biggest Index Issue Decliners:
LCB -18.52%
LC -14.81%
MEG -13.33%
MWC -12.07%
URC -12.00%

Advancers 7
Decliners 135
Unchanged 12

Sectoral Indices.
Property -9.57%
Industrial -8.62%
M-O -8.39%
Services -8.02%
Holdings -6.67%
Financial -5.79%

The Day's Top Gainers:
CAC: PhP 1.90; +7.95%
SLF: PhP 1295.00; +7.92%
ALHI: PhP 6.70; +6.35%

The Day's Biggest Decliners:
PECB: PhP 6.00; -40.00%
ORE: PhP 0.65; -35.00%
MRC: PhP 0.15; -31.82%

At mid-day:
Asian equites markets were dropping.
The Philippine Peso was at PhP 47.711 vs US$ 1.00.


One year after the all-time highs:
From its Oct. 11, 2007 high of 14198.10; the DJIA closed yesterday (Oct. 9) at 8579.19 (-39.57%).
From its Oct. 8, 2007 high of 3896.74, the PSEi closed today (Oct 10) at 2097.80 (-46.16%).

The steep drop the past week brings the market to attractive levels to start buying in. BUY when there's blood on the streets. There is definitely blood a sea of RED in WallStreet and in the local equities market.
There are many stocks ripe for a technical rebound though there are still issues that may unnerve investors.