The Philippine Stock Market - November 07, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 8,695.79
Trade Time: Nov 6
Change: Down 443.48 (-4.85%)
Prev Close: 9,139.27
Open: 9,134.01
Day's Range: 8637.17 - 9155.44

WallStreet suffered another selldown. As the DJIA broke below the 9000 level, the decline accelerated and it closed near its low. The DJIA is now down around 10% in the past two day's.

The local equities market also fell prey to a selldown. The decline however was arrested; and the Philippine Stock Exchange Index (PSEi) recovered most of the day's losses to close above the 1900 level.

PSEi previous close - 1941.62 (November 6)

time---------down----------PSEi
9:31--------39.03--------1902.59
9:32--------43.16--------1898.46

The 1900 level was immediately breached.

9:33-------46.47
9:34-------47.60
9:35-------50.27
9:37-------51.64--------1889.98

9:48-------48.02
9:45-------52.16--------1889.46 (day's low)

The chart gap at 1864-1903 left open last (Oct 30-31) was partially closed. This range is now the immediate support.

9:49------47.34
9:55------45.04
9:58------44.18
10:02-----42.97---------1898.65

10:09-----45.38
10:12-----38.24---------1903.38

The PSEi was able to hurdle the 1900 level again. Once it became evident that this level would hold, the market regains strength and slowly recovers.

10:13-----36.78--------1900.46
10:19-----35.72
10:24-----34.40
10:26-----30.74--------1910.88

10:30-----28.24
10:31-----23.07--------1918.55
10:32-----18.71
10:35-----16.87
10:36-----15.41
10:37-----12.50
10:39-----11.37--------1930.25

10:42-----14.95
10:48-----12.20

At this point, asian equities markets were down.

10:50-----11.82
10:53-----15.62
10:59-----12.50
11:07-----15.71
11:17-----17.63
11:24-----19.87
11:29-----17.18
11:32-----16.61
11:35-----17.86
11:37-----14.44--------1927.18

11:42-----17.25
11:44-----15.93
11:46-----18.04
11:47-----19.10
11:50-----20.29
11:54-----20.73
11:55-----22.72
11:56-----23.95
11:59-----25.93--------1915.69
12:01-----20.28--------1921.34 (-1.04%)
Market Close.

Value turnover: PhP 1.560 bn
Cross transactions: PhP 580 mn

Sectoral Indices.
Financial -4.71%
Holdings -3.53%
Industrial -2.05%
Property -0.88%
M-O -0.49%
Services +0.86%

The Day's Top Gainers:
MAC: PhP 3.50; +16.67%
RLT: PhP 0.205; +13.89%
PNX: PhP 3.60; +9.09%

The Day's Biggest Decliners:
MFC: PhP 1000.00; -22.48%
LR: PhP 1.30; -13.33%
LND: PhP 0.21; -12.50%

At mid-day:
A few asian stock markets were already higher.
The Philippine Peso was at PhP 48.804 vs US$ 1.00.