The day's market - February 21,2007

PSEi previous close: 3375.31 (February 20, 2007)

The market opened strong and was pumped up to launch an assault on the 3,400 level on its march towards the all time high level at 3447.

time-------------points up ----------------PSEi
9:31am-------------up 7.53------------------3382.84
9:32----------------up 8.22------------------3383.53
9:37------------------------PhP 48.118 to $ 1.00
9:48----------------up 16.39-----------------3391.70
9:53----------------up 20.11-----------------3395.42
9:55----------------up 23.36-----------------3398.67
9:58----------------up 25.56-----------------3400.87

Within 30 minutes, the market was already testing the 3,400 level.

10:03--------------up 27.08------------------3402.39
10:10--------------up 22.48------------------3397.79

Another strong spurt and the market tries to break the 3,400 level convincingly

10:17---------------up 40.50----------------3415.25
10:37---------------up 37.88-----------------3412.79
10:30--------------------PhP 48.108 to $ 1.00
10:36---------------up 40.47-----------------3415.78
10:39---------------up 36.99-----------------3412.30
10:42---------------up 35.88-----------------3411.19
10:56---------------up 34.64-----------------3409.95
10:58-------------------PhP 48.111 to $ 1.00
11:02---------------up 40.85-----------------3416.16
11:03---------------up 41.77------------------3417.08

The market seems to have hit a resistance at the 3415-3420 level. The market now corrects as selling and profit taking in secondliners that have hit new highs sets in.

11:12---------------up 34.49------------------3409.80
11:13---------------up 30.64------------------3405.95
11:14---------------up 29.71-------------------3405.02
11:16---------------up 28.94-------------------3404.25
11:21---------------up 26.58-------------------3401.89

By now, selling has accelerated, and the market now falls below the 3400 index level. This prompts other investors to sell thereby .weighing the market down further.

11:29---------------up 24.09------------------3399.40
11:31---------------up 22.28------------------3397.59
11:38---------------up 19.08------------------3394.39
11:40------------------------Php 48.113 to $ 1.00

Market attempts to hurdle the 3400 level once again.

11:44---------------up 22.62------------------3397.93
11:46---------------up 25.60------------------3400.91

Last minute sellers again dumped on the market to cut the rally

11:49---------------up 19.35------------------3394.66
11:52---------------up 15.24------------------3390.55
11:53---------------up 12.49------------------3387.80
11:54---------------up 14.07------------------3389.38
11:57---------------up 10.39------------------3385.70
11:58---------------up 7.78-------------------3383.09
11:59---------------up 5.32-------------------3380.63
12:01---------------up 3.61-------------------3378.92
Market Close.


The market gave back most of the day's gains as momentum abruptly changed as it nears uncharted territories at the all time high level at 2447. This consolidation may persist.

Even sectoral indices were mixed.
M-O +1.13%
Industrial +0.98%
Services +0.34%
Holdings - 0.18%
Property - 0.12%
Financial - 0.03%

Gainers however still swamped decliners 87 to 43.
Value turnover was at PhP 5.939 billion


The sudden reversals has been observed during the past two weeks in day to day trading direction.
Trading has been generally in a wider band with an upward bias with the objective of testing the all time highs. A deep correction still cannot be discounted is welcome as the market is near overbought level.