RED was the color in the PSE before the Chinese New Year

The days market - February 16, 2007
The lions were not dancing with the bulls.

The performers for the lion dance to welcome the Chinese New Year were no-shows. They would probably be in the trading floor on Monday to perform their annual ritual dance.

The bullish momentum abruptly came to a halt as the market swung around as profit taking set in before the weekend.


PSEi previous close 3379.37 - (February 15, 2007)
------------------down-----------PSEi
9:31 am-----------2.38----------3376.99
10:00 -----------18.73----------3360.63
10:05------------24.76----------3354.61
10:10------------28.06----------3351.31------------PhP 48.169
10:17------------30.12----------3349.25

The market drop accelerates as it becomes evident that the market will not be rebounding within the day.

10:18------------33.19----------3346.18
10:20------------36.21----------3343.16
10:25------------42.78----------3336.59
10:28------------46.22----------3333.15
10:30------------47.60----------3331.77
10:40------------38.66----------3340.71
10:50------------41.53----------3337.84
10:51----------------------------------------------PhP 48.168
11:05------------40.17----------3339.20
11:18----------------------------------------------PhP 48.162
11:20------------45.38----------3333.99
11:35------------47.18----------3332.19
11:40------------50.25----------3329.12
11:49------------52.99----------3326.38
11:57------------49.12----------3330.25
12:01------------45.81----------3333.56

The market decline was now across-the-board. All sectors closed lower.
Holdings -2.10%
Property -1.50%
M-O -1.13%
Industrial -0.95%
Services -0.84%
Financial -0.72%

Days' top gainers ----------------------Days' biggest losers
ZIP +46.67% ------------------------------CHTR -21.05%
ZHI +46.15% ------------------------------AGI -11.25%
JPHB +29.87% -----------------------------AR -8.33%

Losers outnumbered gainers 71 to 52.

The correction was a much needed breather. As observed, it suddenly came about from the opening bell even if the previous days' performance showed otherwise and.
Investors took note of that the index hit overbought levels and needs to consolidate to sustain its bullish run.



Other Matters: (reference: BusinessMirror Feb 16-17)

OFWs remittances hit $ 12.76 bn; 19.6% higher the previous year, beating the 10% growth expectations. In december alone, $1.3 billion was sent back, the highest monthly remittance in 2006.

The California Public Employees Retirement System ( CalPERS) gave the Philippines the highest rate of improvement among 27 emerging markets in the CalPERS Permissible Markets.
From 14th place in 2006, CalPERS now ranks the Philippines 10th, ahead of Thailand, Indonesia, Malaysia, China, India and Russia