The days' market - February 26, 2007

The market moved in a narrow range just below the 3,400 level.

PSEi previous close (February 23, 2007) 3389.37

The market tried to mount a rally towards the 3,400 level upon opening. The peso was also firmer.

Time------------up/down-----------PSEi
9:31-------------up 5.47--------------3394.84
9:37---------------------PhP 48.095 to $ 1.00
9:41-------------up 1.06

The uptick was shortlived however as the market became uncertain where to go.

9:44-------------down 0.88
10:03-----------down 4.37
10:15------------down 0.83
10:20--------------------PhP 48.105
10:28-----------down 5.45
10:36-----------down 11.09

The market touches bottom.

10:38-----------down 7.87
10:43-----------down 5.85
10:44-----------down 4.29
11:01------------down 2.77
11:02------------down 0.71

The market tries to gain some ground.

11:03-------------up 0.14
11:06-------------down 0.55
11:07-------------up 0.45
11:17-------------down 0.70
11:24-------------down 3.08
11:30-----------------PhP 48.147 to $ 1.00
11:33--------------up 0.46
11:37--------------up 1.21

The market however weakens once again.

11:43--------------down 2.24
11:51--------------down 3.09
11:54------------------PhP 48.151 to $ 1.00
11:57--------------down 4.85
11:58--------------down 7.88
12:01--------------down 9.37------3380.00
Market Close.

The market closed near its low and it seems that the consolidation and correction may persist. But if the 3380 level holds and investors see it as a base, the attempt to break the 3,400 level and the 3,447 all time high may come sooner than expected.

Advancers still outnumbered decliners 77 to 58 even as the PSEi was down. The secondliners and small cap stocks enjoyed brisk trading. Value turnover was more than PhP 6 billion.

Sectoral Indices were mixed.
M-O +2.78%
Property +0.34%
Industrial -0.63%
Financial -0.49%
Holdings -0.45%
Services -0.35%

Data Reference: Maktrade System / Technistock Corp.


****The EDSA Anniversary passed by without any political incident.