The day's market - March 7,2007

The equities market immediately opened higher by around 100 points and maintained its gains the rest of the trading day. Investors got a boost from the gains in the US Markets, most asian markets and the better than expected inflation figures.

PSEi previous close 2973.27 (March 6, 2007)

time---------up---------PSEi
9:31-------99.09-------3072.36
9:31------102.38
9:32------108.55
9:34------112.93
9:37------116.24
9:38------118.07
9:39------115.19
9:49------120.51
9:50------122.29------3095.56

The market reached its day's high after 20 minutes of trading as the 3100 proved to be a resistance and profit takers took the opportunity to liquidate gains. The market then just drifted lower the rest of the trading session, but maintained the bulk of its hefty gains for the day.

9:52------112.35
9:53------110.70
9:54------108.93
9:55------106.90
9:58------103.54
9:59-------99.68
10:00-----94.61
10:02-----99.02
10:03-----93.09
10:05-----97.46
10:06----100.39
10:07-----98.71
10:11-----96.87
10:12----101.12
10:13----102.43
10:14----103.78
10:17----109.65
10:20----102.27
10:21-----97.13
10:25-----94.55
10:29-----87.03
10:33-----86.53
10:37-----88.17
10:54-----87.52
11:05----------------PhP 48.753 to $ 1.00
11:06-----85.92
11:17-----83.82
11:23-----86.74
11:31----------------PhP 48.744 to $ 1.00
11:36-----91.28
11:52-----94.91
11:56-----95.59
11:57-----97.74
11:58-----95.97
11:59-----92.71
12:01-----89.99-------3063.26
Market Close.

The market broke convincingly above the 3,000 level and the recovery gives back investors the confidence to buy in the market during dips. The inflation figure and PLDT's profit more or less shows us that the fundamentals are still intact.

Other movements:
PLDT (TEL)
previous PhP 2345
open PhP 2450
high PhP 2450
close PhP 2370

All sectors closed higher.
Holdings +5.53%
Property +4.67%
M-O +3.99%
Financial +2.29%
services +1.70%
Industrial +1.54%

Gainers outnumbered Losers 109 to 14.


The equities market is still volatile and still prone to huge swings day to day. Even the minute by minute change in the index shows brisk trading and abrupt changes in market direction. The important thing at this point is for investors to gain confidence that the PSEi will hold at the 3,000 level. Short term direction will still be affected by huge movements in the foreign markets.