Stock prices in the local equities market opened firm as a knee jerk reaction to the big advance in the USDJIA. Selling pressure however took over by mid-session to wipe out the early gains and the market ended flat.
PSEi previous close - 3041.38 (March 19, 2007)
time-----------change
9:31-----------up 12.62
9:45-----------up 27.07
10:02----------up 32.89
10:35----------up 18.89
11:02----------up 6.20
11:19----------down 0.21
12:01----------down 2.07 (-0.068%)
Market close.
Investors still lacked confidence in the sustainability of a market rally at this point because of lingering fears of sudden huge swings in overseas markets esp in the USDJIA.
This can be seen in the selloff in the latter part of the trading day and the declining value turnover which was at only PhP 2.127 billion today.
Local punters are focusing in the trading of the second and third tier stocks. The day's Gainers still managed to outnumber Decliners 59 to 35.
Most buyers are content to post their orders at lower prices and are reluctant to buy up stocks prices. Others are content to stay in the sidelines for the meantime.
Market uncertainty persists as sectoral indices were also mixed. The M-O (+0.91%), Financial (+0.40%) and Holdings (+0.05%) sectors were up; while the Industrial (-0.22%), Services (-0.17%) and Property (-0.12%)sectors declined
The market is still trying to strengthen its base at the 3,000 level and is continuing its consolidation. The PSEi ended at 3039.31.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment