The Philippine Stock Market - October 17, 2008

Dow Jones Industrial Average (DJIA)
Index Value: 8,979.26
Trade Time: Oct 16
Change: Up 401.35 (+4.68%)
Prev Close: 8,577.91
Open: 8,577.04
Day's Range: 8197.67 - 9013.27

WallStreet continues to experience extreme volatility. The DJIA was down late in the morning session by around 380 points.
A late afternoon rally had the DJIA close near its high or a turnaround of about 800 points.

The local equities market opened higher on back of the big rise in WallStreet. The Philippine Stock Exchange Index (PSEi) however gave back its gains and even ended in negative territory and near its low. The wild swings in the DJIA keeps investors jittery and most opted to liquidate holdings ahead of the weekend.

PSEi previous close - 2122.37 (Oct 16)

time----------change---------PSEi
9:31-------up 29.82---------2152.20
9:32----------32.11
9:33----------37.12
9:34----------54.41---------2176.78 (day's high)

The market tries to hold on to its gains in the next 10 minutes.

9:36------up 52.34
9:37----------50.11
9:38----------49.13
9:40----------52.16
9:41----------48.02
9:42----------47.60
9:44----------50.32
9:45----------51.12

The PSEi starts to drift lower.

9:48-----up 49.61
9:49---------47.05
9:52---------46.49
9:55---------45.67
9:56---------43.80
9:57---------40.43---------2162.80

The 2161 level still does not hold as a support. Selling pressure increases.

10:01-----up 37.22---------2159.59
10:02---------36.57
10:04---------34.55
10:05---------29.05
10:06---------26.90
10:07---------23.13
10:08---------22.57
10:10---------21.50
10:11---------18.12
10:12---------17.48
10:13---------17.17
10:15---------16.15
10:17---------15.55
10:18---------15.13
10:20---------14.16
10:27---------12.64
10:30---------12.22
10:34----------9.30
10:35----------8.87--------2131.24

10:39---------12.84
10:45---------13.11
10:50---------11.01
10:52----------8.42

10:57---------10.84
11:01----------6.53
11:02----------5.32
11:03----------2.72
11:04----------2.53--------2124.90

The market moves into the RED as investors continued to unload shares. The decline again accelerates.

11:05---down 1.76----------2120.61
11:06---------3.95
11:07---------5.17
11:09---------5.97
11:10---------6.12
11:11---------8.21
11:13--------10.68
11:15--------15.16---------2107.21

11:19--------13.87
11:21--------12.81
11:22--------12.09

11:23--------15.21
11:24--------16.43
11:28--------17.58
11:29--------17.89
11:30--------18.80
11:33--------19.10
11:38--------19.24---------2103.13

11:40--------17.46
11:41--------16.56
11:44--------17.51
11:45--------18.30
11:47--------17.00
11:48--------20.30
11:49--------23.27---------2099.10

The 2100 level is tested once again.

11:52---down 26.15---------2096.22
11:54--------21.56
11:55--------23.86
11:57--------25.20
11:58--------27.37
11:59--------27.61---------2094.76 (day's low)
12:01--------24.11---------2098.26 (-1.14%)
Market Close.

Value turnover: PhP 2.523 bn
Cross transactions: PhP 1.033 bn

Advancers 24
Decliners 83
Unchanged 32

Sectoral Indices.
Property -4.36%
Holdings -2.80%
M-O -1.42%
Industrial -1.38%
Services -0.41%
Financial +0.21%

The Day's Top Gainers:
SLI: PhP 0.63; +21.15%
MED: PhP 0.32; +14.29%
RLT: PhP 0.22; +10.00%

The Day's Biggest Decliners:
PRIM: PhP 0.30; -36.17%
ICTV: PhP 1.00; -32.43%
JTH: PhP 1.60; -20.00%

At mid-day:
Asian markets were mostly down; though some were up earlier.
The Philippine Peso was at PhP 47.972 vs US$ 1.00.