Local equities opened on a positive note and tried to build a momentum to challenge the 3,200 level. But with trades continuing to focus on the small cap stocks and most investors on the sidelines ahead of the lenten break, the market drifted lower to continue its consolidation from Friday.
PSEi previous close - 3170.05 (March 23, 2007)
time-----------change-----------PSEi
9:31------------up 11.28
9:45------------up 5.81
10:00----------down 6.46
10:30----------down 14.94
------------------------PhP 48.212 vs $ 1.00
10:46----------down 14.00
11:04----------down 19.52
11:18----------down 16.91
11:41----------down 16.91
12:01----------down 20.01------3150.04
Market Close.
Value turnover PhP 2.893 billion
Gainers and Decliners were even at 55 each.
Only the M-O (+2.84%) sector managed to advance as the sector was favored my market players.
With the US market again closing relatively flat on Friday,the local equities market was hard pressed to look for directional leads. With a long break from trading coming up by next week, a consolidation at the 3,100-3,200 level is unfolding as some investors opt to cash in.
Some punters however are quick to the draw and are ready to jump in select small cap stocks that are enjoying brisk trading volumes and they keep trading active.
On Thursday, RCBC will commence trading after its follow on offering and may invite interest.
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