The day's market - April 27, 2007

Market momentum was stymied as the Dow Jones was tentative in its advance of 15.61 points (closed at 13,105.50). The local equities market also declined as sellers liquidated ahead of the weekend and the trading break on Tuesday (May 1 - Labor Day).

The PSEi opened lower and continued its drop; as it gave back most of yesterday's gains. It is currently testing the strength of the 3,300 level as a support base.

PSEi previous close - 3350.34 (April 26, 2007)

time-----------down----------------PSEi
9:45----------6.20
9:46---------14.48
9:50---------19.27
10:11--------22.42
10:13--------26.16
10:31--------27.30
10:46--------28.37
11:00--------30.02
11:03--------30.52
11;24--------32.15
11:35--------34.98
11:56--------39.00------------3311.34 (day's low)
11:59--------29.58
12;01--------31.96 -----------3318.38 (-0.95%)
Market Close.

Advancers 20
Decliners 80

Value turnover PhP 4.782 bn
Cross transactions PhP 1.325 bn
Block sales PhP 564 mn

Today, was the listing date of NRCP (National Reinsurance Corp. of the Philippines)
IPO Offer Price PhP 3.80

open PhP 4.50
high PhP 5.00
close PhP 4.50
total trade for the day 179,755,000 shares or PhP 832 mn


Sectoral Indices performance for the week
M-O +4.93%
Pproperty +3.20%
Holdings +3.20%
Industrial +1.08%
Financial +0.09%

The PSEi was up 1.95% for the week. (from 3254.76 to 3318.78)

The 3,300 level must prove its strength as a support before the market can proceed higher. Otherwise , a breakdown may revert the market to its wide range trading band.
Next week's trading will be cut by a break on Labor Day and with election day nearing, some investors are adopting a wait and see attitude but are ready to jump in once trends are clear.
Long term bullish prospects are intact.