The day's market - April 26, 2007

Quotes from an interview regarding the market's performance yesterday.


BusinessWorld - April 26, 2007



The Dow Jones Industrial Average (DJIA) broke the landmark 13,000 level. It advanced 135.95 points to close at 13,089.89. As expected, the bullish sentiment spilled over to the local equity market.

PSEi previous close - 3,309.43 (April 25, 2007)

The market immediately opened up and tested the upper limit of its trading range resistance (3,300-3,325). The market hovered at around this level for the first hour and a half of trading.

time-----------------up--------------------PSEi
9:31---------------16.23-----------------3325.66
9:32---------------14.14
9;33---------------13.21
9:35---------------12.52
9:37---------------10.71
9:39----------------8.45
9:41---------------13.55
9:45---------------16.52-----------------3325.95

Once the 3325 level was broken, the market proceeded higher. This resistance level will now be tested as a support.

9:48---------------18.51
9;50---------------19.29
9:55---------------19.75
9:56---------------23.38
10:09--------------24.32
10;20--------------19.89
10:30--------------17.07
10:34--------------15.23---------------3324.66
10:35--------------16.67
10:53--------------16.52

When the 3325 level held, investors pushed the markets to higher level in the last hour of trading.

10:59--------------18.47
11:09--------------20.15
11:28--------------20.22
11:32--------------21.28
11:38--------------22.52
11:40--------------23.12
11:44--------------23.61

Another buying frenzy was observed in the last 15 minutes of trading.
11:47--------------26.56
11:49--------------29.09
11:53--------------30.59
11:57--------------36.25
11:58--------------38.51
12:01--------------40.91----------------3350.34 (+1.24%)
Market Close.

Advancers 70
Decliners 26

Value turnover PhP 4.002 bn
Cross transactions PhP 1.373 bn

Sectoral Indices
Holdings +3.34%
M-O +2.80%
Industrial +1.65%
Property +1.16%
Financial +0.71%
Services -0.07%

The market closed at its high and momentum is seen to carry it to higher levels and even possibly test its all time high levels at the 3,400-3,425 range.

Tomorrow's trade will also be marked by the listing of Natioinal Reinsurance which just had its IPO (Initial Public Offering) completed. It offered its price at PhP 3.80 per share. It was 12X oversubscribed and more shares were made available to the public (103.9 million shares more) through the greenshoe option. Some OTC (Over The Counter) trades were said to have already reached PhP 4.50 and its listing tomorrow is sure to generate a lot of interest.