The day's market - April 19, 2007

The Dow Jones Industrial Average (DJIA) rose by 30.80 points overnight in WallStreet and closed at a record high of 12,803.84. The Philippine stock market initially tried to advance and tested the 3,300 resistance level but succumbed to selling pressure.

PSEi previous close - 3295.28 (April 18, 2007)

time--------------change -------------PSEi
9:31-------------up 5.15--------------3300.43
9:32----------------2.85
9:33----------------1.19
9:34----------------0.69
9:36----------down 0.16
9:38----------------3.68
9:42------------up 3.09
9:46----------------2.57
9:49----------------0.30

When it became evident, that the market would not be able to break the 3300 resistance level, investors took it as a cue to sell down and lock in profits.

9:58---------down 5.31
10:05--------------6.71
10:06--------------9.22
10:07-------------13.09
10:11-------------15.06--------------3280.22
10:14-------------15.51
10:15-------------16.30
10:16-------------16.97

With the decline expanding, the closure of the gap at the 3,267 was the objective. Minute by minute, the downtrend accelerated.

10:19------------19.81
10:20------------22.38
10:21------------23.27
10:22------------23.44
10:23------------26.82
10:24------------28.30-------------3266.98

Chart gap is closed. But with all asian equity markets declining in the morning trade, sentiment has already turned sour, and some investors panicked and continued selling.

10:28------------33.84
10:33------------37.78
10:37------------40.72
10:40------------41.45
10:44------------42.53
10:50------------43.50
10:54------------43.80
10:59------------51.39
11:01------------51.52
11:02------------51.68
11:03------------52.28
11;05------------52.44
11:10------------54.52
11:11------------56.19
11:12------------58.28

The decline paused for a while.

11:16------------54.30

But selling resumed.

11:19------------58.02
11:27------------58.27
11:28------------58.47
11:29------------62.17
11:31------------63.84
11:38------------64.29--------------3230.99 (day's low)

Mild buying in the lastr minutes cut some of the declines.

11:41------------61.11
11:43------------58.40
11:44------------56.64
11:45------------54.75
11:54------------58.89
11:58------------53.99
12:01------------57.22-------------3238.06 (-1.74%)
Market Close.

Advancers 15
Decliners 98

Value turnover PhP4.062 bn
Cross transactions PhP 1.261 bn

Sectoral Indices
Property -3.24%
M-O -3.01%
Holdings -1.87%
Financial -1.46%
Industrial -1.11%
Services -0.51%

The Philippine Stock Exchange Index (PSEi) is now looking for a solid support as the market fall was overdone and may have affected investor sentiment in the short-term. With a support at the 3,200-3,220 level seen, the trading range is capped at 3,300.