The day's market - April 18, 2007

The market took a breather after the 100 point advance in just two days. The market has been deemed to have advanced too fast too soon and has reached key resistance levels.
Investors ignored the more than 50 point advance in the Dow Jones Industrial Average (DJIA) in WallStreet. The gains across asian markets and the strong peso did not prevent today's correction.

PSEi previous close - 3318.17 (April 17, 2007)

time-----------down------------PSEi
9:31-------------1.87
9:39-------------3.50
9:40------------10.00
9.47------------13.70
9:53------------19.89----------3298.28

The immediate support at 3,300 level has been broken. When it became evident that it won't hold, the fall accelerated.

9:57------------20.11
10:00----------21.23
10:02----------22.39
10:04----------23.38
10:05----------25.22
10:07----------26.49
10:09----------26.92

As the decline extended, the index attempted to close the chart gap opened yesterday at 3267-3281 level.

10:11----------29.31
10:14----------29.71
10:17----------30.75
10:18----------32.72
10:19----------33.18

An initial rally attempt is shortlived

10:23----------29.98
10:30----------24.54
10:33----------30.37
10:36----------31.04
10:37----------32.95
10:38----------34.33
10:39----------36.30------------3281.87

The upper level of the chart gap is reached.

10:45----------37.01
10:46----------38.98
10:55----------39.11
10:57----------39.76
10:59----------40.31
11:01----------41.06
11:02----------41.27-------------3276.90 (day's low)

The last hour of trading was marked by a recovery that limited the day's losses.

11:22-----------35.81
11:28-----------35.80
11:47-----------29.33
11:50-----------27.66
11:55-----------26.27
12:01-----------22.89-----------3295.28
Market Close.


Value turnover PhP 5.58bn
Cross transactions PhP 1.57 bn
Block transactions PhP 1.89 bn

Advancers 33
Decliners 74

Sectoral Indices

Property -1.68%
Financial -0.99%
Services -0.61%
Industrial -o.33%
M-O -0.31%
Holdings -0.24%


The market was able to edge near the 3,300 level at the close. In order to continue toward its march to its multiyear high point of 3,417, it needs to consolidate and build a solid support at this level. Any weakness may induce the market to fully close the gap at 3,267.