The day's market - May 24, 2007

The Dow Jones was lower by 14.30 points and closed at 13525.65. Yesterday, the market closed at its low and it is still looking for its support.

PSEi previous close 3466.56 (May 23, 2007)

time--------------change--------------PSEi
9:31--------------up 3.02
9:32-----------------0.08
9:33-----------down 2.19
9:35-----------------0.47
9:36--------------up 0.86
9:38-----------------5.83
9:43-----------------7.98-------------3474.54 (day's high)

The market opened flat and tried to advance early in the trading day; but the downward momentum from yesterday was still felt.

9:53--------------up 3.51
10:04----------down 0.37
10:07----------------1.48
10:11-----------------3.69
10:15-----------------5.74
10:23-----------------7.01
10:54-----------------8.96
10:55----------------10.83
10:56----------------13.40
10:58----------------15.34
11:01----------------15.78---------3450.78 (the day's low)

The next support at the 3,450 level held its ground, and the market bounced back a little.

11:02----------down 14.07
11:07----------------11.99
11:09----------------10.02
11:11-----------------9.59---------3456.97

11:16----------------14.29---------3452.27

Another test of the support was made. It was found to be strong enough and the market rallied to recoup its losses.

11:24----------down 10.32
11:32-----------------8.33
11:33-----------------4.60
11:45-----------------3.62
11:47--------------up 0.40
11:49-----------------2.67
11:51-----------------5.30
11:54-----------------6.37
11:55-----------------7.58
11:59-----------------2.12
12:01-----------------4.21----------3470.77 (+0.12%)
Market Close.

Advancers 49
Decliners 55

Value turnover PhP 5.278 bn
Cross transactions PhP 2.801 bn

Sectoral Indices were mixed
Industrial +0.77%
Services +0.71%
Holdings +0.37%
Financial -0.34%
M-O -0.76%
Property -0.85%

The market support seems to be at the 3,450 level at this point. The resistances are at the 3,480 and 3,500 level. Barring any major jolts, such as a huge drop in the US markets (which has not had a sizeable correction after gaining more than 5% the past month); or the failure of the COMELEC to proclaim the election winners and etc. ; the local equities market is seen to move within this range.

Closing prices of select stocks - May 24, 2007
ABA - PhP 0.013
ALI - PhP 15.50
AR - pHp 0.013
DGTL - PhP1.56
EIB - PhP0.54
GO - no trade
GOB - no trade
LOTO - PhP 16.00
MPI- PhP 4.50
NRCP - PhP 4.40
SUN - PhP o.70
V - PhP 1.70
WEB - PhP 0.050