The Philippine Stock Market - October 28, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 8,175.77
Trade Time: Oct 27
Change: Down 203.18 (-2.42%)
Prev Close: 8,378.95
Open: 8,375.92
Day's Range: 8,143.59 - 8,599.10

The DJIA indeed opened lower (as the futures indicated - but not as low as the 8000 level) but immediately rallied to post a gain of more than 200 points by early afternoon. A sell-off in the last couple of hours of trading had the DJIA close near its low and lower by more than 200 points.
US Home Sales unexpectedly rose in September as prices drop.

The local equities market settled down after yesterday's record plunge. The Philippine Stock Exchange Index (PSEi) held its ground near the 1700 level.

PSEi previous close - 1713.83 (October 27)

time------------change-----------PSEi
9:31----------up 0.07----------1713.90
9:32--------down 0.16

9:49--------down 29.08---------1684.75 (day's low)

9:59-------------13.41---------1700.42

The PSEi goes above the 1700 level and holds for the rest of the trading session.

10:05-------down 0.18
10:06---------up 1.67----------1715.50

The market goes into positive territory.

10:34---------up 9.34
10:58-----------13.06----------1726.89 (day's high)
11:15------------0.55

The market gives back its slight gains and remains tentative.

11:17---------up 1.99
11:19-------down 0.16

11:33-------down 0.05
11:34---------up 0.28

11:36-------down 0.19
11:59-----------10.42
12:01------------9.42----------1704.41 (-0.55%)
Market Close.

Value turnover: PhP 1.960 bn
Cross transactions: PhP 414 mn
Block Sale: 30,000,000 shs EDC @ PhP 2.70 = PhP 81 mn

The market tries to settle down and find a base at the 1700 level. The support levels seen at 1680-1700 held for the day. Investors remain wary and uncertain.

Advancers 40
Decliners 62
Unchanged 29

Sectoral Indices.
M-O -1.72%
Services -1.54%
Financial -0.81%
Holdings -0.40%
Property +0.40%
Industrial +2.14%

The Day's Top Gainers:
MUSX: PhP 0.145; +45.00%
DFNN: PhP 5.20; +33.33%
MHC: PhP 0.090; +28.57%

The Day's Biggest Decliners:
APXB: PhP 1.20; -35.48%
WPI: PhP 0.21; -27.59%
UW: PhP 0.05; -23.08%

At mid-day:
Asian equities markets were mostly up after being down earlier.
The Philippine Peso was at PhP 49.484 vs US$ 1.00.