The Philippine Stock Market - November 21, 2008

Dow Jones Industrial Average (DJIA) Summary
Index Value: 7,552.29
Trade Time: Nov 20
Change: Down 444.99 (-5.56%)
Prev Close: 7,997.28
Open: 7,995.53
Day's Range: 7506.97 - 8187.40

After a weak open, WallStreet rallied and tried to stay above the 8000 level by mid-day. A huge sell-off in the afternoon session had the DJIA close down by more than 5.5% and touch its lowest level since March 2003.
The support level seen for the DJIA is at 7197, the Oct. 10, 2002 low.

The local equities market also continues its drop. The Philippine Stock Exchange Index (PSEi) breaks below the 1800 level.

PSEI - 1842.33 (November 20)

time--------down---------PSEi
9:31-------18.43--------1823.90

TEL opens at PhP 2170 from a previous close of PhP 2180.

9:32-------23.07
9:33-------26.40
9:34-------28.59
9:35-------32.14
9:38-------33.48
9:40-------34.20
9:42-------34.75---------1807.58
9:43-------57.09---------1785.24

TEL trades at PhP 2100 and the PSEi falls below the 1800 level.

9:45-------69.33

After the steep drop in the first 15 minutes of trading; the market again moves in a narrow range for the rest of the trading day.

9:46-------71.29
9:50-------68.87
9:58-------64.70
10:18------67.83
10:23------70.27
10:27------74.26---------1768.07
10:28------71.76
10:33------69.68
10:45------70.72
10:53------71.43
10:57------74.22
11:08------72.49
11:12------73.63
11:13------74.60
11:15------74.77
11:19------75.55
11:25------76.37
11:28------72.42
11:34------70.53---------1771.80
11:36------72.53
11:39------76.01
11:40------77.10
11:41------77.31
11:44------77.74
11:50------77.80
11:53------78.55----------1763.78 (day's low)
11:59------76.60
12:01------76.43----------1765.90 (-4.15%)
Market Close.

Value turnover: PhP 1.164 bn
Cross transactions: PhP 310 mn

The PSEi support is seen at the 1726-1756 chart gap left open last Oct. 28-29, 2008.
The lone index issue gainer was RLC (+3.03%).
TEL accounted for 34.52 points of today's decline. It closed at PhP 2060 (-5.50%) from a previous close of PhP 2180.

Advancers 11
Decliners 79
Unchanged 34

Sectoral Indices fell across-the-board.
Services -4.70%
property -4.67%
Industrial -4.65%
Holdings -3.41%
M-O -2.76%
Financial -1.29%

The Day's Top Gainers:
TELT: PhP 12.00; +14.29%
IS: PhP 0.043; +13.16%
MUSX: PhP 0.18; +12.50%

The Day's Biggest Decliners:
JTH: PhP 1.34; -29.49%
APO: PhP 0.85; -15.00%
MFC: PhP 850.00; -15.00%

At mid-day:
Asian equities were down but were off their lows.
The Philipine Peso was at PhP 50.076 vs US$ 1.00.