The Philippine Stock Market - October 14, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 9,387.61
Trade Time: Oct 13
Change: Up 936.42 (+11.08%)
Prev Close: 8,451.19
Open: 8,462.42
Day's Range: 8462.18 - 9427.99

WallStreet opened higher; continued to advance strongly and never looked back. The DJIA tries to regain last week's deep losses and was up by almost a thousand points at one point. It closed near its high and ended more than 11% higher from last Friday.

The humongous rally had the local equities market also open steeply higher. The Philippine Stock Exchange Index (PSEi) almost touched the 2300 level and more importantly also kept most of its gains intact. The Philippine Stock Market advanced more than 7% for the day.

PSEi previous close - 2118.75 (October 13)

time------------up-------------PSEi
9:31----------158.11---------2276.86
9:32----------160.85
9:34----------162.37
9:35----------164.41
9:36----------172.66
9:38----------173.81--------2292.56 (the day's high)
9:41----------168.09
9:43----------161.16
9:45----------160.27
9:46----------159.53
9:47----------155.46
9:49----------148.96
9:50----------140.89
9:56----------138.01
10:05---------135.37--------2254.12

After the initial strong run-up; the PSEi stayed above the 2250 level and traded sideways for the rest of the trading session.

10:09---------144.13
10:13---------145.58
10;15---------146.27
10:18---------148.05

10:19---------143.98
10:20---------148.08
10:26---------150.34--------2269.09

10:28---------147.46
10:32---------146.64
10:33---------144.09
10:35---------143.42
10:37---------145.08
10:39---------146.47
10:42---------142.56
10:49---------141.24
10:54---------142.52
10:56---------143.84
11:02---------139.25--------2258.00

11:07---------142.53
11:17---------145.44
11:22---------146.89
11:23---------148.19
11:27---------147.17
11:35---------148.42
11:40---------144.79
11:42---------148.34
11:48---------151.67--------2270.42
11:50---------151.44
11:58---------146.56
12:01---------154.90--------2273.65 (+7.31%)
Market Close.

Value turnover: PhP 3.615 bn
Cross transactions: PhP 917 mn

The huge run-up was an opportunity for investors who bought yesterday and last week to take immediate profit. Some buyers also put orders on hold as prices have suddenly zoomed up. Investors are still wary of volatility and a sudden pullback. Trading in WallStreet would be closely monitored for huge movements.

Advancers 101
Decliners 16
Unchanged 26

Sectoral Indices.
Industrial +8.04%
Services +7.15%
Property +5.88%
Holdings +5.81%
M-O +4.31%
Financial +2.93%

The Day's Top Gainers:
MRC: PhP 0.225; +50.00%
UNI: PhP 0.12; +50.00%
JFC: PhP 46.00; +17.95%

FEU: PhP 600.00; -20.53%
MFC: PhP 1250.00; -10.39%
I: PhP 4.40; -10.20%

At mid-day:
Asian equities markets were up.
The Philippine Peso was at PhP 47.020 vs US$ 1.00.