Another day of a sudden reversal. The market was now up upon the opening bell. It seems that a survey showing that more Filipinos are optimistic this year than last year is proving to be right. The all time high level of 3,447.60 is a tempting target that is too good to ignore.
PSEi previous close: 3365.53 (February 22, 2007)
time-----------------up--------------PSEi
9:31----------------7.14
9:40----------------5.82
9:46----------------11.44
9:47----------------15.90
9:49----------------16.12
9:56----------------19.38
10:00---------------21++
10:07---------------25.16
10:21---------------29.73
10:24---------------26.21
10:27---------------31.96
The market attempted to breach the 3,400 resistance level
10:42---------------33.98-------------3399.51
10:59---------------27.38
11:12---------------34.14-------------3399.67
The 3,400 resistance proves to be a strong resistance (at least for today) and the market retreats to try to build a base.
11:25---------------31.71
11:39---------------31.24
11:42---------------22.66
11:44---------------26.19
11:50---------------25.34
12:01---------------23.84-------------3389.37
Market Close.
The market close was its highest since Feb 5, 1997. (The all time high level of 3,447.60 was set on Feb. 3, 1997 - more than 10 years ago.
Even if the market needs to correct and some investors are profit taking, the lure of establishing a record high continues; and the market may not be able to resist to make an attempt and break it soon.
All sectoral indices were up.
M-O +6.48%
Holdings +1.30%
Services +0.64%
Industrial +0.63%
Financial +0.63%
Property +0.07%
Advancers swamped decliners 97 to 35.
The market was up by 1.67% for the week
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