The day's market - March 8, 2007

The local equities market has still not stabilized fully. It just tracked the fall in the US market. The DJIA however just declined by 15.15 points to close at 12,192.45.

PLDT ADRs was up by $0.10, but at its closing price of $48.10, its conversion price (at 48.70 to $ 1.00) is approximately PhP 2,340. This is still lower than the previous close of PhP 2,370.


PSEi previous close 3,063.26 (march 7, 2007)

The market opened marginally up (+0.46), but with the stock price of PLDT immediately dropping (opening price at PhP 2,360) , the downtrend was set for the day and sentiment dampened.

A half hour into trading, the market was down by 16 poits and PLDT was at PhP 2325.

After 45 minutes (10:45 am); PLDT was down further to PhP 2300 and the market was down by 26.95. The peso was at PhP 48.694 to the dollar.

And after another 45 minutes (11:00 am), PLDT sank to PhP 2285 and the index was down by 37.16 points at 3,026.10.

By 11:30, PLDT sank to a day's low of PhP 2,280, the peso was at PhP 48.689 to $ 1.00 and market was down by 44.60 to 3018.66.

The PSEi touched bottom 2 minutes before the bell at 3017.31 (-45.95 points) but surged at the cut losses to 34.89 (-1.14%) points and close at 3028.37

At the closing bell at noon, the peso was at PhP 48.687 and asian markets (led by HongKong +125.69 and Japan +165.82) were all up.



Sectoral indices were mostly down and only the Industrial (+0.45%) sector managed to end on the upside. The Services (-2.63%), M-O (-1.72%) and Property (-1.23%) sectors dragged the market lower.

Decliners led gainers 77 to 32.

Value turnover was at PhP 4 bn

As expected, short term volatility is still being experienced and investors still prone to bouts of panic/induced selling. It is critical for the index to hold at the 3,000 -3,020 level.