The Philippine Stock Market - October 16, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 8,577.91
Trade Time: Oct 15
Change: Down 733.08 (-7.87%)
Prev Close: 9,310.99
Open: 9,301.91
Day's Range: 8530.12 - 9308.76

US Retail sales fell 1.2% in September.
Credit card defaults rising.

The DJIA had its second biggest point decline on continuing recession fears. The DJIA opened lower and continued its decline to close near its low.

The local equities market together with the other asian markets followed WallStreet's lead. The Philippine Stock Exchange Index (PSEi) immediately fell steeply. It was not able to recover and also closed near its low.

PSEi previous close - 2238.41 (October 15)

time------------down------------PSEi
9:31-----------64.82-----------2173.59
9:32-----------66.97
9:33-----------70.12
9:34-----------74.09-----------2164.32

The supposedly support at 2161 is immediately tested....

9:35----------112.53-----------2125.88

.....and broken.

9:38----------118.42
9:39----------119.08
9:46----------120.50
9:50----------121.82
9:53----------122.52-----------2115.89 (day's low)

9:55----------118.65
9:57----------109.97
10:00---------102.06
10:03---------101.28-----------2137.13

10:17---------106.95
10:19---------108.81
10:23---------104.50
10:31---------107.02
10:43---------106.83
10:50---------105.09
10:57---------106.13
10:59---------104.86-----------2133.55

11:08---------108.11
11:14---------112.22
11:20---------106.74
11:35---------109.90
11:45---------112.41

11:46---------110.55
11:48---------108.16
11:50---------107.94
11:54---------113.86
11:56---------114.85
11:57---------118.61------------2119.80
11:59---------115.75
12:01---------116.04------------2122.37 (-5.18%)
Market Close.

Value turnover: PhP 1.980 bn
Cross transactions: PhP 824 mn

Advancers 5
Decliners 119
Unchanged 18

There was no index issue gainer.

Sectoral Indices fell across the board.
M-O -6.16%
Property -6.07%
Holdings -5.21%
Industrial -5.19%
Services -5.12%
Financial -3.57%

The Day's ONLY Gainers:
FEU: PhP 630.00; +5.00%
VITA: PhP 0.30; +3.45%
BKD: PhP 1.32; +1.54%
CAC: PhP 1.96; +1.03%
MFC: PhP 1250.00; +0.40%

The Day's Biggest Decliners:
OPMB: PhP 0.013; -18.75%
OMW2: PhP 0.0042; -16.00%
ASIA: PhP 4.80; -15.79%
UPM: PhP 0.0055; -15.38%
LIHC: PhP 5.10; -15.00%

At mid-day:
Asian equities market were falling.
The Philippine Peso fell and was at PhP 48.026 vs US$ 1.00.