The Philippine Stock Market - March 16, 2009

The local equities market fell heavily as it was weighed down by the huge drops in PLDT (TEL) and Meralco (MER) shares. Investors reacted on the news that came out last Friday regarding the buying of 20% of Meralco from the Lopez Group by PLTL (a member of the PLDT group). The Philippine Stock Exchange Index (PSEi) broke its immediate supports as it went into a freefall.

PSEi revious close - 1856.10 (March 13)

time----------down-----------PSEi
9:31---------37.53----------1818.57

TEL opened at PhP 2000.00 from its previous close of PhP 2145.00.

9:33---------43.61
9:39---------44.68
9:43---------47.76

TEL at PhP 1975.00

9:46---------56.30----------1799.80

The 1800 level was broken. The decline continues to accelerate.
TEL at PhP 1950.00

9:51---------58.88
10:04--------62.92
10:16--------65.27
10:32--------66.86
10:40--------68.96
10:54--------70.96----------1785.14 (-3.82%)

TEL at PhP 1930.00 (-10.02%). Accounts for a drop of 61.51 pts in the PSEi.
MER at PhP 79.50 (-14.05%). Accounts for a drop of 10.86 pts in the PSEi.

10:59--------72.23
11:13--------73.77
11:14--------76.63

TEL at PhP 1920.00 (-10.49%). Accounts for a drop of 64.43 pts in the PSEi.
MER at PhP 79.00 (-14.59%). Accounts for a drop of 11.28 pts in the PSEi.

11:15--------79.92
11:17--------82.78
11:23--------83.24----------1772.86 (-4.48%)

TEL at PhP 1900 (-11.42%). Accounts for a drop of 70.16 pts in the PSEi.

11:29--------84.12
11:42--------85.19
11:44--------87.72
11:47--------88.91
11:48--------90.75---------1765.35(-4.89%).

The Day's low.

11:49--------83.40
11:57--------82.70
12:01--------86.43---------1769.67 (-4.66%)
Market Close.

Value turnover: PhP 2.140 bn
Cross transactions: PhP 594 mn.
---Includes 193,510,000 shs ARA @ PhP 0.15 (-16.67% from PhP 0.18) = PhP 29.026 mn
Block Sale: 5,424,000 shs PCKH @ PhP 5.05 = PhP 27.391 mn

Advancers 24
Decliners 55
Unchanged 30

Sectoral Indices.
Services -8.81%
Industrial -2.96%
M-O -1.72%
Holdings -1.55%
Property -0.20%
Financial +0.30%

The Day's Top Gainers:
AMC: PhP 4.00; +8.11%
PLTL: PhP 8.00; +8.11%
MPI: PhP 2.90; +7.41%

The Day's Biggest Decliners:
IRC: PhP 0.40; -39.39%
MFC: PhP 400.00; -20.00%
ARA: PhP 0.15; -16.67%

At mid-day:
Asian equities markets were mixed.
The Philippine Peso was at PhP 48.537 vs US$ 1.00.