The Philippine Stock Market - March 24, 2009

Dow Jones Industrial Average (DJIA) Summary
Index Value: 7,775.86
Trade Time: March 23
Change: Up 497.48 (+6.84%)
Prev Close: 7,278.38
Open: 7,279.25
Day's Range: 7,278.78 - 7,780.72

WallStreet soared on the news that the US Treasury plans to buy up to a trillion dollars worth of toxic debt from banks. This would hopefully revive lending and stimulate the recession-hit economy. The DJIA ended near its high and advanced nearly 7%; its biggest one-day percentage gain since last October. US Home Sales also rose unexpectedly and boosted sentiment further.

The local equities market opened significantly higher on back of the huge advance in WallStreet. The Philippine Stock Exchange Index (PSEi) extended its gains from the past days and topped the 1900 level.

PSEi previous close - 1879.09 (March 23)

time---------up----------PSEi
9:31--------48.73-------1927.82
9:34--------51.01
9:36--------53.51-------1932.60 (day's high)

9:46--------49.18
9:57--------47.27
9:58--------45.52
10:02-------41.80
10:06-------39.86
10:18-------37.45------1916.54

10:38-------43.37------1922.46
11:00-------35.71
11:20-------34.83
11:26-------33.79------1912.18

11:36-------37.62
11:44-------38.10
11:55-------40.19
12:01-------38.20------1917.69 (+2.05%)
Market Close.

Value turnover: PhP 3.636 bn
Cross transactions: PhP 1.302 bn
Block Sale: 30,900 shs TEL @ PhP 2020 = PhP 62.418 mn

Advancers 76
Decliners 16
Unchanged 47

Sectoral Indices.
Financial +3.50%
Holdings +3.45%
Industrial +2.85%
Services +1.72%
Property -0.31%
MO -1.06%

The Day's Top Gainers:
ION: PhP 0.54; +50.00%
I: PhP 4.75; +18.75%
VITA: PhP 0.125; +13.64%

The Day's Biggest Decliners:
UW: PhP 0.06; -14.29%
KEP: PhP 0.70; -12.50%
ATNB: PhP 3.90; -11.36%

At mid-day:
Asian equities markets were mostly higher.
The Philippine Peso was at PhP 47.987 vs US$ 1.00.