The Philippine stock market continue to follow the lead of Wall Street. The DJIA was higher by 48.39 points overnight on better than expected GDP data to close at 12,348.75.
PSEi previous close 3151.72
time--------------up----------------PSEi
9:32-------------16.27
9:43-------------36.07
10:08-----------40.64
10:26-----------42.13
10:45-----------53.65
11:02------------55.45
11:27------------47.10
11:43------------52.03
11:52------------48.29
11:53------------40.82
11:57------------46.98
12:01------------51.83--------3203.55
Market Close.
Advancers 74
Decliners 39
The market sentiment was boosted by news that inflation for March may be between 2 to 2.6%, the lowest in 17 years (since 1990). The market also closed the week very strong on first quarter window dressing and the momentum built up as it tested the 3200 level.
In order to break out of the consolidation mode that the market is currently in, it has to break above the 3,220 level to continue to higher levels.
Top gainers for the week
CAC +45.16%
MHC +28.00%
SCC +27.91%
Biggest Decliners for the week
ICTV -31.51%
UW -28.00%
AAA -23.33%
Week-on-week % change
PSEi +1.05%
M-O sector +5.33%
Property sector +4.15%
Holdings sector +0.49%
Financial sector +0.18%
Industrial sector -0.37%
Value turnover for the week was around PhP 26 billion (but almost half were cross and block transactions).
The Philippine Peso was weaker and traded at the PhP 48.20 - 48.30 to $ 1.00 range.
World Crude prices rose from its 6 month highs (it is already up more than 10% since March 20), as the Britain - Iran standoff (regarding the hostaged British soldiers) is already a week old and continues to drag on. Oil was trading near the $67 a barrel level earlier in the day.
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