The Philippine Stock Market - October 29, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 9,065.12
Trade Time: Oct 28
Change: Up 889.35 (+10.88%)
Prev Close: 8,175.77
Open: 8,178.72
Day's Range: 8174.73 - 9082.08

After already moving higher for most of the day; WallStreet launched a huge rally in the last couple of hours of trading to close above the 9000 level.

The local equities market also had a strong rally to test the 1800 level. The Philippine Stock Exchange Index (PSEi) opened steeply higher but gave back some of its gains on some immediate profit taking.

PSEi previous close - 1704.41 (October 28)

time------------up--------------PSEi
9:31----------51.81------------1756.22
9:32---------105.87-----------1810.28

The 1800 level is tested.

9:33---------110.75
9:36---------113.61
9:40---------115.80-----------1820.21 (day's high)

After rising 6.79% in just 10 minutes, some investors (who were brave enough to buy in the last couple of days) took the opportunity to take profits. Most chose to wait for a pullback before deciding to buy.

9:45---------111.84
9:50---------102.36
9:54----------93.29-----------1797.70

The market falls back below 1800 and moves sideways in the next half hour.

10:02---------95.04
10:10---------92.68
10:17---------95.04
10:22---------92.09
10:27---------91.98
10:28---------90.22

The market moves a little lower and again consolidates in the next half hour.

10:30---------86.38
10:35---------85.50
10:38---------83.29
10:41---------82.60
10:43---------86.80
10:46---------85.34
10:48---------83.76
10:49---------85.23-----------1789.64 (+5.00%)
10:55---------85.27

The market again moves to lower levels where it moved in a narrow range in the final hour of the trading session.

11:02---------82.62
11:04---------79.94
11:09---------77.81
11:17---------77.63
11:21---------75.16
11:25---------73.63-----------1778.04

11:28---------76.74
11:45---------78.88
11:47---------81.84
11:54---------77.62
11:57---------75.20
11:59---------74.93
12:01---------76.23-----------1780.64 (+4.47%)
Market Close.

Value turnover: PhP 2.319 bn
Cross transactions: PhP 710 mn

Advancers 87
Decliners 27
Unchanged 41

Sectoral Indices advanced across-the-board.
M-O +5.89%
Services +5.70%
Industrial +3.66%
Holdings +3.63%
Property +3.15%
Financial +1.87%

The Day's Top Gainers:
UW: PhP 0.075; +50.0%
APXB: PhP 1.78; +48.33%
WPI: PhP 0.27; +28.51%

The Day's Biggest Decliners:
ILIB: PhP 0.40; -38.46%
MHC: PhP 0.0725; -19.44%
RLT: PhP 0.17; -15.00%

At mid-day:
Asian equities markets were up.
The Philippine Peso strengthened to PhP 48.938 vs US$ 1.00.