The days' market - February 27, 2007

PSEi previous close 3,380.00 (Febraury 26, 2007)

The market opened lower and it immediately became apparent that the 3,380 support would not be holding.

time-----down-----PSEi
9:31-----3.98
9:34-----1.48
9:42-----8.25
9:47-----9.87
9:50-----11.33
9:53-----10.65
9:58-----13.89
10:00----17.00----3363.00

The market tries to stage a mild rally

10:12----11.16
10:18----15.28

The market now accelerates its downtrend as a charge to the 3,400 level was now unlikely

10:20----18.11
10:28----19.69
10:30----20.42
10:31----22.81
10:32----26.76
10:34----27.11
10:40----21.87
10:46----23.89
10:48----25.87
10:50----27.88

The market falls through the next support level at 3,350

10:54----35.24----3344.76
10:59----37.15
11:01----39.43
11:03----41.11
11:07----38.53
11:10----41.26
11:14----43.93
11:15----44.98
11:17----45.00----3335.00
11:20----42.72
11:24----43.96
11:26----49.44
11:27----46.36
11:34----47.87
11:37----51.21
11:43----51.70
11:44----53.12
11:47----54.48
11:53----54.70
11:55----54.72

The market touches its day's low before slightly recovering at the end of the trading day.

11:57----55.05----3324.95
11:59----51.15
12:01----48.71----3331.29
Market Close.



All sectors were also down,
Property -2.39%
Holdings -2.33%
Services -1.49%
Industrial -0.50%
M-O -0.45%
Financial -0.36%

Decliners now swamped Gainers 98 to 42.
The peso moved in a range from PhP 48.249 to PhP 48.256 vs the $US in the morning trade.


The market support is now seen at the 3,300 - 3,320 level. Momentum is seen to carry over and have the PSEi test it as a base.
A sudden turnaround or a dead cat bounce still cannot be discounted as investors are just at the sidelines waiting for a chance to get in back the market.