The Philippine Stock Market - October 30, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 8,990.96
Trade Time: Oct 29
Change: Down 74.16 (-0.82%)
Prev Close: 9,065.12
Open: 9,062.33
Day's Range: 8,890.29 - 9,363.32

The DJIA moved near the 9000 level for most of the trading day and rallied in the afternoon session to rise higher by nearly 300 points. Another late sell-down however, brought the market lower and back in negative territory to end just under 9000.
The US Fed cut interest rates by 1/2 of a percentage point to 1.00%.

The Philippine Stock Market had a tentative start but soon investors gained more confidence to give the market a stronger push. The Philippine Stock Exchange Index (PSEi) even advanced more than the previous day (when the DJIA had its second highest point gain on record). The strong momentum had the PSEi close at its high.

PSEi previous close - 1780.64 (October 29)

time------------up-------------PSEi
9:31-----------9.96-----------1790.60

The market moved in a narrow range just below the 1800 level in the early part.

9:33---------13.69
9:35----------8.62
9:36---------15.00------------1795.64
9:37---------10.93
9:44----------9.98
9:45---------11.25
9:49---------13.22
9:56---------11.79
10:04--------13.30
10:06--------15.61------------1796.25

The market builds up buying momentum.

10:07--------17.49
10:08--------18.45
10:11--------22.43------------1803.07

The PSEi breaks above the 1800 level and the advance accelerates.

10:13--------23.30
10:14--------29.63
10:16--------32.05
10:17--------33.27
10:18--------33.85
10:20--------34.86
10:21--------38.00
10:23--------40.41------------1821.05

The PSEi breaks yesterday's high at 1820.21. The market continues to pile up its gains.

10:24-------43.52
10:26-------45.54
10:27-------48.58
10:29-------50.80
10:30-------51.76
10:33-------55.51-------------1836.16(+3.11%)

The market is higher by more than 3.0%.

10:37-------56.34
10:38-------57.65

10:41-------54.16
10:46-------58.31
10:47-------61.82

10:52-------59.90
11:06-------58.80
11:09-------56.98
11:12-------55.05

11:15-------58.10
11:18-------59.73
11:19-------61.39
11:25-------65.80
11:30-------66.35
11:31-------69.27
11:33-------69.32
11:34-------71.38------------1852.02 (+4.01%)

The PSEi moves above the 1850 level and is up more than 4.0%.

11:35-------72.86
11:37-------73.16
11:38-------74.14
11:39-------75.93
11:40-------77.27
11:41-------80.53
11:43-------80.99
11:56-------81.66
11:59-------82.10
12:01-------84.29----------1864.93 (+4.73%)
Marker Close.

Value turnover: PhP 2.517 bn
Cross transactions: PhP 724 mn

Advancers 88
Decliners 21
Unchanged 27

Sectoral Indices.
M-O +9.11%
Property +6.58%
Holdings +6.46%
Industrial +5.53%
Financial +4.57%
Services +1.47%

The Day's Top Gainers:
OMW2: PhP 0.0030; +50.00%
DIZ: PhP 1.90; +31.94%
CEI: PhP 0.031; +29.17%

The Day's Biggest Decliners:
IRC: PhP 0.50; -16.67%
ALHI: PhP 5.20; -11.86%
FEU: PhP 575.00; -11.54%

At mid-day:
Asian equities market were higher.
The Philippine Peso was at PhP 48.771 vs US$ 1.00.