The day's market - May 25, 2007

The local equities market got a jolt sure enough, because of the decline of 84.52 points overnight in the US markets. The DJIA closed at 13,441.13. PLDT ADRs also fell by $1.39/share. These unforeseen (though not totally unexpected) events are taken as an escuse for a further correction and a cue for some investors to sell.

PSEi previous close - 3470.77 (May 24, 2007)

time---------------down---------------PSEi
9:31---------------16.91--------------3453.86

The immediate support at the 3,450 level is immediately broken.

9:32---------------24.38
9:36---------------31.39
9:37---------------35.37
9:38---------------37.69
9:41---------------39.79
9:43---------------40.66
9:45---------------41.15
9:54---------------43.95-----------------3426.82 (day's low)
10:08----------------------PhP 46.385 vs $ 1.00

The market fell in a steep decline in the first thirty minutes of trading as the 3,450 support did not hold this time. The next support tested was at the 3,400/3,420 level. The Philippine peso was also weaker in today's trade and this also added to the negative sentiment in the stock market.

The market rallied in the next hour of trading as investors scooped up bargains that presented itself with the market's very fast drop.

10:13----------37.47
10:23----------34.67
10:25----------31.86
10:29----------28.76
10:39----------26.26
10:42---------23.77
10:45---------22.53
10:51---------21.99
10:53---------21.41
11:08---------20.07---------3450.70

The 3,450 level was broken as a resistance with this run up; and the market tried to firm up its support.

11:18----------13.71
11:21----------11.83---------3458.97

11:28---------19.33---------3451.44

The 3450 level still held.

11:29---------14.24
11:39---------11.21
11:52---------13.15
11:54---------16.07---------3454.70

A big drop in the final minutes had the market close below the 3450 level.

12:01---------29.01---------3441.76 (-0.83%)
Market Close.

Advancers 44
Decliners 68

Value turnover PhP 5.534 bn
Cross transactions phP 2.577 bn

Sectoral Indices were mostly down.
M-O - 1.67%
Property -1.17%
Financial -1.17%
Holdings -1.07%
Industrial -0.86%
Services +0.33%

Closing prices of select stocks - May 25, 2007
ABA - PhP 0.013
ALI - PhP 14.25
AR - PhP 0.013
DGTL - PhP 1.56
EIB - PhP 0.55
LOTO - PhP 16.25
MPI - PhP 4.45
NRCP - PhP 4.40
SUN - PhP 0.71
V - PhP 1.70
WEB - PhP 0.050