The day's market - May 23, 2007

After trading at record high levels, momentum is sputtering a little bit. The market tried to advance higher but soon enough fell to a correction.

The Dow Jones Industrial Average was flat and was down by only 2.93 points and closed at 12,539.95. PLDT ADRs (American Depository Receipts) traded in WallStreet however was down by $0.49 to close at $54.67. This is equivalent to only PhP 2515 (At PhP 46.00 to $1.00), and PLDT closed yesterday at PhP 2,550.


PSEi previous close - 3505.03 (May 22,2007)

time------------change ------------PSEi
9:31-----------up 1.05
9:32--------------8.88
9:35-------------10.59
9:36-------------12.10-------------3517.13 (the day's high)

This is the new all-time high level.

9:38-------------5.02
9:41-------down 1.14
9:47-------------5.20--------------3499.83

The 3,500 immediate support was easily broken and this was the excuse needed for a correction.

9:50------------6.44
9:54------------7.87

At this point, PLDT (TEL) opened trading at PhP 2,520 and immediately fell further to PhP 2,500.

10:04--------20.40----------------3484.63
10:05--------24.68----------------3480.35
10:10--------28.48----------------3476.55
10:13--------24.73----------------3480.30

The 3,480 level was next tested and failed to hold. The market then hovered below this new immediate resistance.

10:17--------28.75
10:23--------30.36
10;28--------31.65
10;30--------32.27
10:40--------32.39
10:41--------33.13
10:50--------35.64
10:51--------36.05------------------3468.98

10:53--------30.04
10:58--------28.19
11:13--------27.41------------------3477.62

The resistance at 3,480 is tested and it held.

11;31---------35.90
11:33---------36.99-----------------3468.04

11:48---------25.18-----------------3479.85

The market had another stab to break the 3,480 level. having failed to do so, the selling slightly accelerated in the final minutes of trading.

11:55---------29.04
11:57---------34.94
11:59---------35.10
12:01---------38.47-----------------3466.56 ( -1.10% /the day's low)
Market Close.

Advancers 51
Decliners 57

Value turnover PhP 8.411 bn
Cross transactions PhP 4.200 bn

Sectoral Indices
M-O +2.35%
Financial +).23%
Holdings - 0.11%
Property - 0.66%
Industrial - 1.74%
Services - 2.39%


Closing prices of select stocks - May 23, 2007
ABA - PhP 0.013
ALI - PhP 15.75
AR - PhP 0.013
DGTL - PhP 1.58
EIB - PhP 0.53
GO - no trade
GOB - no trade
LOTO - PhP 16.00
MPI - PhP 4.50
NRCP - PhP 4.45
SUN - PhP0.70
V- PhP 1.72
WEB - pHp 0.050