The Dow Jones plummeted by 147.74 points (-1.11%) overnight in Wallstreet to close at 13,215.13. This large drop unnerved some investors and the Philippine stock market opened lower.
PSEi previous close 3342.21 (May 10, 2007)
time------------change ------------PSEI
9:31---------down 10.57-----------3331.64
9:32----------------4.26
9:33----------------2.92
The market showed resiliency as it tried to mount a rally at once.
9:35---------------10.30
9:36---------------11.35
Another mild uptick. By this time, it was becoming evident that the market is not succumbing to any panic caused by the steep decline in the US market.
9:37----------------8.82
9:38----------------6.77
The decline at this point is mainly to test and find the market support.
9:43---------------8.33
9:47--------------10.07
9:49--------------11.74
9:50--------------12.06
9:53--------------14.40
9:58--------------17.07
9:59--------------17.58
10:00------------18.25--------------3323.96 (the day's low)
The market support at 3,325 was tested and proved to be strong as the PSEi immediately rebounded.
10:02------------11.50
10:04------------10:08
10:10-------------8.89
10:14-------------7.81
10:15-------------5.20
10:16-------------4.70
10:23------------6.24
After an hour's trading, the market moves into positive territory
10:31--------up 0.09
10:32-----------2.06
10:34-----------3.74
10:36-----------0.10
10:38-----------0.51
10:39-----------0.10
10:42-----------4.94
10:48-----------9.64
10:49-----------10.05---------------3352.26
The resistance was tested, and at first held its ground.
10:54------------6.26
10:59------------4.14
11:10------down 0.87
After this retracement, the market finally gained enough strength to mount its rally.
11:11--------up 3.06
11:24-----------4.99
11:28-----------7.26
11:34-----------9.34
11:35----------10.06
11:36----------13.10---------------3355.31
The resistance at 3,350 is broken and the market heads higher as buying activity accelerates.
11:37----------13.41
11;39----------14.93
11:40----------16.90
11:43----------17.10
The 3,350 level is tested as a support.
11:46---------13.39-----------------3355.60
The momentum enables it to hold and the market resumes its breakout advance.
11:50---------18.08
11:51---------19.26
11:56---------19.89
11:59---------22.77-----------------3364.98 (the day's high)
12:01---------22.40-----------------3364.61 (+0.67%)
Market Close.
Advancers 62
Decliners 48
Value turnover PhP 3.753 bn
Cross transactions PhP 1.056 bn
Sectoral Indices
Financial +1.29%
Holdings +1.14%
Industrial +1.01%
M-O +0.39%
Property -0.11%
Services - 0.17%
The market rally on the last day before the elections despite the big drop in the US equity market bodes well for next week trading. And with the market breaking out of the 3,350 resistance; the 3,400 level is well within sight. Testing its all time high level is not very far off.
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