The day's market - May 08, 2007

Local equities continue to be a favored investment instrument. It again opened strong as investors position just ahead of the elections.

PSEi previous close - 3329.89 (May 07, 2007)

time-----------------up-------------------PSEi
9:31----------------9.40
9:32---------------10.74
9:33---------------12.40
9:38---------------15.46
9:44---------------18.04----------------3347.93

The 3,350 level is the immediate resistance (the high achieved last April 26).

9:46--------------- 14.61
9:48---------------17.32
9:49---------------20.27----------------3350.16

The resistance was broken and the market tried to continue to its advance.

9:50-------------21.93
9:52-------------24.04
9:55-------------24.34
9:57-------------25.95
10:04-----------27.99-----------------3357.88 (day's high)

The market failed to advance to higher levels. It's goal now was to find a support at 3,350.

10:06-----------22.29
10:18-----------20.88-----------------3350.77

Market support at 3,350 is still weak.

10;20-----------17.69
10:24-----------15.96

PSEi made another attempt to stay above 3,350

10:30-----------19.13
10:33-----------21.33-----------------3351.22

Failing to hurdle the immediate resistance, the market consolidated just below the 3,350 level. There were several up and down minor trends in the next hour of trading.

10:36-----------14.68
10:40-----------13.46
10:44-----------11.99

10:48-----------15.83
10:51-----------16.88
10:53-----------17.74

10:56-----------14.62
10:58-----------13.60

11:14-----------15.99
11:15-----------17.48
11:26-----------20.89------------------3350.78

After making the final stab at the immediate resistance and failing in its attempt, the market fell to profit taking in the last half hour of trading.

11:44-----------16.22
11:50-----------10.79

11:51-----------15.50

The last 10 minutes saw winding up of selling orders and it cut the day's gains. For investors who wanted to cash in before the elections, today's selling will be cleared on Friday (T+3 or trading day + 3 days), the last trading day before voting day. Tomorrow's selling/ trades will be settled on May 15 already.

11:54----------11.50
11:55-----------6.35
11:59-----------4.65
12:01-----------4.06--------------3333.95 (+0.12%)
Market Close.

Advancers 60
Decliners 44

Value turnover PhP 4.780 bn
Cross transactions PhP 1.718 bn

Sectoral Indices
Property +0.92%
Holdings +0.83%
Services -0.03%
Industrial -0.44%
Financial -0.48%
M-O -0.48%