The day's market - May 09, 2007

With the Dow Jones flat in WallStreet, the local equities market also consolidated.

PSEI previous close - 3333.95 (May 08, 2007)

time-----------change------------PSEi
9:31------------up 2.48
9:37---------------4.96
9:38---------------5.42
9:45---------------7.56

The market loses the little steam it has.

9:48---------------3.68
9:53---------------0.02

After trying to advance initially, the market declined and stayed in the red for most of the trading day.

9:55---------down 0.27
9:53---------------2.24
10:01--------------5.72
10:08--------------7.56
10:14--------------8.27
10:17--------------9.13-----------3324.82

The market touched its immediate support (3320-3325) and rebounded a little bit.

10:23-------------6.93
10:37-------------3.21

After a weak bounce, The support is tested once more.

10:44-----------12.01
10:50-----------14.24------------3319.71 (the day's low)

The support held.

11:00----------10.50
11:06-----------6.49
11:08-----------5.96
11:24-----------5.26
11:30-----------4.86
11:32-----------2.70

11:38-----------5.54
11:40-----------3.46
11:41-----------2.64

As selling eases and after finding the support holding, the PSEi now rallies in the last 20 minutes of trading.

11:42--------up 2.64
11:45-----------4.06
11:46-----------7.25
11:48-----------8.28
11;50-----------9.51
11:57-----------9.55
11:58----------11.92
11:59----------16.03--------------3349.98 (the day's high)
12:01----------12.03--------------3345.98 (+0.36%)
Market Close.

Advancers 52
Decliners 59

Value turover PhP 3.481 bn
Cross transactions Php 1.02 bn

Sectoral Indices +2.45%
Property +1.18%
Services +0.77%
Holdings +0.21%
Industrial +0.18%
Financial -0.76%

With the elections just a few days away, investors remain cautiously optimistic. The market managed to close near its high and is currently at its immediate resistance at 3,350. Even with today's advance, decliners however outnumbered gainers. The 3,300-3,325 support (the market's previous resistance) must hold so it can move higher to challenge the 3,400 level.