The BULL continues its rampage in the PSE - Feb 15 ,2007

The market continued its spectacular rise on back of strong buying momentum that has built up. It accelerated as the 3300 level was shattered.
It also took its cue from the US markets as the Dow Jones Industrial Average has risen almost 180 points the past two days.

Upon the opening bell, the market surged and never looked back

The day's market - February 15, 2007
PSEi previous close : 3300.94 (February 14, 2007)

time-------------up / down-------------PSEi
9:31-------------up 30.70------------3331.67
9:35----------------------------------------PhP 48.260 to $ 1
9:55-------------up 43.04------------3348.48
9:58-------------up 51.91------------3352.85
10:00------------up 55.54------------3356.48
10:02---------------------------------------PhP 48.262 to $ 1
10:10------------up 58.06------------3359.00
10:30------------up 61.46------------3362.40
10:35---------------------------------------PhP 48.269 to $ 1
10:48------------up 62.85------------3363.79
10:55------------up 64.93------------3365.87
11:01---------------------------------------PhP 48.278 to $ 1
11:05------------up 68.88------------3369.82
11:11------------up 72.75------------3373.69
11:15------------up 65.67------------3366.61
11:32------------up 68.55------------369.49
11:34------------up 72.95------------3373.89
11:39---------------------------------------PhP 48.283 to $ 1
11:48 -----------up 71.83------------3372.77
11:55------------up 69.73------------3370.67
11:57------------up 71.44------------3372.38
12:01------------up 78.43------------3379.37
Market close.

The market again was up across-the-board. All sectoral indices closed higher.
Property sector - up 4.24%
Financial sector - up 3.02%
Holdings sector - up 2.50%
Services sector - up 2.11%
Mining - Oil (M-O) sector - up1.10%
Industrial sector - up 0.84%

Gainers once again swamped decliners 107 to 24. Value turnover was at PhP 5.7 billion

To illustrate how the market has gone up, here are today's closing prices of several blue chip issues that were tracked just a couple of days ago.
TEL PhP 2620
AC PhP 660
ALI PhP 17.25
BPI PhP 71
GLO PhP 1385
MERB PhP 79.50
They were at the forefront of the surge of the past two days.

With regards to the secondliners that were also tracked, here is their closing prices so their performance can also be reviewed.
MAC PhP2.65 (intraday high of pHp 2.90)
ABA PhP 0.013
ABAB PhP 0.014
BEL PhP 1.50

The market closed at a new 10-year high. It is now at striking distance of its all time high level at around 3447. It is seen to make an attempt to test that level.

The market has gone up almost 200 points from its low within the past few days (more than 130 points in the past 2 days alone). Brely a month and a half into 2007, the PSEi is already up around 13%.

While momentum and euphoria is seen to carry the market higher, bouts of profit taking are more possible now and even needed. A solid support must be formed in order for the market to sustain its upward trek.

Tomorrow, the Chinese New Year will be marked by a Lion Dance at both bourses in the PSE.