The day's market - March 15, 2007

The Philippine stockmarket failed to recover with the rest of the region even if the DJIA was up overnight in WallStreet. Local equities opened higher but with PLDT being sold down, the PSEi soon fell to negative territory and this set the tone for the rest of the trading day.

PSEi previous close 3074.28 (March 14, 2007)
PLDT previous close PhP 2335

time ----- up / down -----PSEi ------ PLDT
9:31-------up 7.17 ----- 3081.45 --- 2335
9:34-------up 2.80 ------------------2320
9:37-----down 1.00
9:46-----down 3.59 -------------------2315
9:57-----down 15.76 ------------------2300
10:04----down 19.84-------------------2290
10:25----down 24,33-------------------2280
10:40----down 34.20-------------------2270
10:57----down 38.09
11:23----down 41.54-------------------2260
11:38----down 35.55
11:51----down 32.66
12:01----down 30.67-----3043.61------2260

All asian markets were up and the peso was at PhP 48.631 to $ 1.00 in the morning trade.
The previous day's drop was a real confidence breaker. Investors are now faced with a lot of uncertainty and stayed at the sidelines.

The PSEi is now just hovering above the 3,000 level.

Advancers however outnumbered decliners 48 to 43 as second and thirdliners were the focus of attention by traders.

Value turnover was also lower at PhP 2.359 billion.

Sectoral indices were mixed.
Industrial +0.63%
M-O +0.44%
Property +0.40%
Services -2.79%
Holdings -1.02%
Financial -0.38%

With the weekend coming and the Holy Week just around the corner, consolidation at around the 3,000 to 3,100 level is seen with attention turning to small cap stocks. Assuming, that there would be no more major shocks in the foreign equities market, the 3,000 level is likely to hold.