The Philippine Stock Market - November 18, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 8,273.58
Trade Time: Nov 17
Change: Down 223.73 (-2.63%)
Prev Close: 8,497.31
Open: 8,494.84
Day's Range: 8246.89 - 8571.30

Another see-saw trading day in WallStreet. After a weak opening and a rally by mid-session which had the market higher, the DJIA fell in the afternoon and even closed near its low.

The local equities market was again dragged down by the negative sentiment in WallStreet and other asian stock markets. The Philippine Stock Exchange Index (PSEi) broke down after its previous day's consolidation and fell below 1900.

PSEi previous close - 1940.00 (November 17)

time-----------down----------PSEi
9:31---------22.81---------1917.19
9:32---------37.98---------1902.02

The 1900 level was immediately tested.

9:33---------23.86
9:34---------39.62---------1900.38

9:35---------42.07---------1897.93

The PSEi fell through the 1900 support and the market decline accelerates further.

9:38---------44.67
9:48---------45.03
9:56---------50.35
10:02--------54.97
10:14--------58.99
10:16--------61.13---------1878.87

10:23--------71.85
10:27--------74.69
10:30--------76.84---------1863.16

The chart gap at 1864-1903 (left open last October 30-31) was fully covered.

10:34--------77.76--------1862.24 (day's low)
10:39--------74.36--------1865.64

The market moves in a narrow range for the rest of the trading session.

10:44--------76.89
10:48--------73.10
10:54--------76.25
11:01--------71.70
11:10--------70.70
11:34--------69.11
11:44--------68.77
11:49--------68.15
11:56--------67.49
11:59--------69.98
12:01--------66.40--------1873.60 (-3.42%)
Market Close.

Value turnover: PhP 1.201 bn
Cross transactions: PhP 289 mn
Block Sale: 23,210,000 shs ANS @ PP 2.20 = PhP 51.602 mn

Advancers 8
Decliners 85
Unchanged 26

There was no index gainer. PLDT (TEL) which was keeping the market afloat because of its recent advances fell today and was the biggest drag on the PSEi. Value turnover in the market remained thin.


Sectoral Indices fell across-the-board.
Holdings -4.52%
Property -4.47%
Services -3.80%
M-O -3.54%
Industrial -2.88%
Fuinancial -1.05%

The Day's Top Gainers:
SPH: PhP 3.45; +15.00%
PHES: PhP 0.15; +7.14%
ATNB: PhP 4.30; +3.61%

The Day's Biggest Decliners:
MRC: PhP 0.13; -27.78%
ACR: PhP 0.26; -16.13%
GSMI: PhP 13.pp -14.75%

At mid-day:
Asian equities markets were down.
The Philippine Peso was at PhP 49.942 vs US$ 1.00.