The day's market - April 2 , 2007

With the DJIA, flat on Friday, the local equities market rode on the momentum of last Friday's First Quarter window dressing surge. Even at the start of the Holy Week, the PSEi managed to stay above the 3,200 level and is currently testing the strength of the 3,220 resistance level as selling pressure has eased off from last week.

PSEi previous close 3203.55 (March 30, 2007)

time--------------change ---------------PSEi
9:30----------down 5.41------------3198.14 (day's low)
9:36-------------up 3.09
9:53---------------11.05
10:21--------------15.88
10:37--------------17.30
10:53--------------20.67
11:15---------------26.25
11:22--------------19.07
11:48--------------15.90
11:52--------------22.73
11:53--------------30.22------------3233.77 (day's high)
12:00--------------26.05-----------3229.60
Market Close.

Value turnover: PhP 4.409 billion
Cross transactions: PhP 2.464 billion

Gainers 72
Decliners 25

Sectoral Indices
Property +1.85%
M-O +1.13%
Financial +1.09%
Holdings +0.61%
INdustrial +0.55%
Services +0.11%

With the market above the 3,220 resistance, it is poised to continue its trek to higher ground as many sellers generally finished placing their orders last week. If the US and foreign markets do not succumb to sudden huge declines, the PSEi is looking to close the gap at the 3,224 level as its immediate objective. The 3,180-3200 level will now be seen as a minor support.

The day's close is a a one-month high. Looking at the technical charts, the 10 day moving average (m.a.) is also looking to cross above the 30 day moving average.