The Philippine Stock Market - October 23, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 8,519.21
Trade Time: Oct 22
Change: Down 514.45 (-5.69%)
Prev Close: 9,033.66
Open: 9,027.84
Day's Range: 8335.30 - 9027.84

The DJIA steadily declined on continuing economic worries. It was down by around 700 points by late afternoon, but a rally in the last half hour managed to clip losses (but it still ended down by a whopping 500 points).

The big drop in WallStreet once again unnerved investors in the local equities market and sparked another sell-off. The Philippine Stock Exchange Index (PSEi) tested the key 2000 level.

PSEi previous close - 2093.01 (October 22)

time----------down-------------PSEi
9:31---------62.58-----------2030.43
9:32---------64.92
9:33---------77.29
9:34---------78.33
9:35---------82.46
9:36---------85.20
9:37---------89.34-----------2003.67

The 2000 level is tested.

9:39---------97.00-----------1996.01
9:41--------100.94
9:42--------104.59-----------1988.42

The market is down 5.00% at this point.

9:45--------104.90
9:46--------105.24
9:47--------107.01
9:50--------107.97----------1985.04 (day's low)

The market tries to bounce back in the next hour.

9:53--------103.12
9:56---------97.22
10:04--------96.59
10:05--------95.74
10:06--------93.69
10:13--------92.20----------2000.81

10:15--------89.08
10:19--------89.36
10:21--------88.15
10:23--------84.93
10:24--------84.36
10:27--------82.20
10:28--------81.75
10:31--------80.54
10:33--------78.79
10:38--------77.85----------2015.16

10:50--------82.97

The market again starts to retreat.

11:00--------91.27---------2001.74
11:02--------93.40---------1999.61

The PSEi moves in a narrow range just below 2000 for the rest of the trading session.

11:14--------93.43
11:16--------95.72
11:20--------97.62
11:24--------98.04
11:27--------98.18
11:29--------98.28
11:30--------98.63
11:35-------100.76
11:36-------101.07
11:37-------102.38---------1990.63

11:39--------97.89---------1995.12
11:41-------102.87
11:43-------103.77
11:44-------104.35
11:45-------106.53---------1986.48

11:46-------102.55
11:50-------101.33
11:51--------99.83
11:54--------98.84
11:57-------104.41
11:58-------102.51
11:59--------99.45
12:01--------97.09--------1995.92 (-4.64%)
Market Close.

Value turnover: PhP 3.112 bn
Cross transactions: PhP 1.647 bn

Advancers 3
Decliners 117
Unchanged 13

Sectoral Indices.
M-O -12.67%
Property -5.73%
Holdings -4.83%
Services - 4.62%
INdustrial -3.91%
Financial -3.47%

The Day's ONLY Gainers:
PNX: PhP 3.40; +7.94%
PRMX: PhP 3.80; +2.70%
FPH: PhP 15.00; +1.69%

The Day's Biggest Decliners: (Each lost at least a quarter of their previous price.)
ION: PhP 0.50; -37.50%
OMW2: PhP 0.0028; -26.32%
DFNN: PhP 4.30; -25.86%
RCM: PhP 1.12; -25.33%
MHC: PhP 0.09; -25.00%
DIZ: PhP 1.50; -25.00%

At mid-day:
Asian equities markets were expectedly down.
The Philippine Peso weakened further to PhP 48.985 vs US$ 1.00.