The day's market - March 22, 2007

Local equities once again surged and broke above the 3,100 level easily as the US market continued its strong upward trend from the past days. The Dow Jones was up another 159.42 points to end at 12,447.52

PSEi previous close 3090.47 - (March 21, 2007)

time------------up--------------------PSEi
9:31------------36.80
9:45------------72.99
10:00----------91.12
10:15----------98.32
10:27---------102.06-----------------3192.53

The first hour of the trading day was marked by a buying frenzy fueled by the second and thirdliners ; in order to get into the equities bandwagon. After reaching its day's high, a mild correction set in but strong buying support had the market keeping most of its gains. The peso at this point was also stronger at PhP 48.266 to $ 1.00.

10:40----------98.36
10:59----------86.55
11:15----------89.11
11;32----------93.40
11:46----------89.99
11:54----------97.66
12:01----------87.55(+2.84%)--------3178.32
Market Close.

Value turnover also improved to PhP 5.413 billion.

Gainers 86
Decliners 30

Sectoral indices advanced across-the-board.
Services +4.32%
M-O +3.10%
Property +3.08%
Financial +2.28%
Industrial +1.12%
Holdings +0.93%

Momentum is seen to carry the market towards the 3,200 level. But with the US market advancing around 330 points in the past three days alone, a big retracement in the Dow Jones could trigger another bout of selling in local equities and may be taken as an excuse to profit take.

Some of the smaller cap stocks have also risen tremendously and even reached the intraday price ceilings in brisk trading. They may also be prone to a steep correction which could affect market sentiment.

The market is awashed with liquidity and confidence in the market is slowly being built up. Trading range is now raise to 3,100 - 3220.