Downtrend Decelerates.

The market continued to go down as the DJIA was also lower overnight. Asian markets were higher but local equities drifted lower as investors still try to regain confidence. With the PSEi trading below the 3,000 level and the past day's huge declines still fresh, buyers are still wary to bid up prices and remain contented waiting for sellers to sell down stocks at lower prices.

PSEi previous close 2997.88 (March 5, 2007)
time-----down--------PSEi
9:31-----8.44-------2989.44
9:32-----5.11
9:34-----10.73
9:35-----12.17
9:36-----12.56
9:37
----------Japan-------up 133.64
----------Singapore---up 33.67
----------Taiwan------up 22.93
----------S. Korea----up 18.05
----------Malaysia----up 11.92
9:38------------------PhP 48.779 to $ 1.00
9:40----10.38
9:43-----6.98
9:45-----5.02
9:57-----8.37
9:59-----4.71
10:02----10.49
10:03----13.17
10:17----16.33--------2981.55

The minor support at 2980 was tested and broken and the market moved at another lower trading range (2950 - 2980).

10:18----18.45
10:20----18.81
10;21----20.87
10:23----19.20
10:25----18.13
10:27----20.17
10:31----17.21
10:33----15.53
10:34----14.65
10:36----20.33
10:38----21.43
10:42----20.89
10:46----16.25
10:52----18.77
10:53----22.11
10:55----21.29
10:59----19.61
11:11----21.12
11:12----22.44
11:14----25.02
11:16----27.07
11:17
----------HongKong----up 243.15
----------Japan-------up 131.73
----------Singapore---up 20.98
----------Taiwan------up 50.78
----------S. Korea----up 16.92
----------Malaysia----up 5.98
----------Indonesia---up 12.982
11:18-----------------PhP 48.768 to $ 1.00
11:18----21.89
11:19----23.11
11:21----22.52
11:24----26.70
11:25----29.85
11:26----32.08-----2965.80

The market touches its day's low but recovers a little ground.

11:35----27.96
11:39----20.39
11:45----27.41
11:57----23.69
12:01----24.61-----2973.27
Market Close.


The drop was now tempered and some bargain hunters started take positions in the market.
There were 49 gainers agains 62 decliners.

Even some sectors now closed higher.
Holdings -3.32%
Industrial -1.11%
Services -0.54%
Financial -0.13%
Property +0.41%
M-O +3.34%

The market needs to scale above the key 3,000 level and stay above it convincingly to instill back confidence in investors.