The Philippine Stock Market rebounds and ends up by 2.24% - May 31, 2007

The DJIA shrugged off the big decline in the China stock market yesterday. It closed higher overnight by 111.74 points to end at another record at13,360.08.

Growth forecast for the Chinese economy was even adjusted higher to around 10.4% from 9.6%.

Philippine GDP data came ot to be at 6.9% and much better than expected.

With all these factors soothing investor jitters, the Philippine stock market strongly rebounded from the opening bell, immediately got back all its losses yesterday and then sustained its rally to close at its high.

PSEi previous close 3398.55 -May 30, 2007

time-------------up-------------------PSEi
9:31------------46.30
9:43------------60.09-----------------3458.64

Within 15 minutes into trading, the local equities market regained all of its losses yesterday. PLDT opened at PhP 2,520 from its previous close of PhP 2,470. By this time, the stock already touched it's intraday high at PhP 2,560.

After zooming straight up; the market took a slight breather and looked for a support.

9:46------------56.70
9:48------------52.94
9:53------------50.50------------------3449.05

It settled at 3,450 for its support and then resumed its uptrend.

9:59------------56.67
10:03-----------60.68
10:07-----------63.18
10:26-----------67.10-------------------3465.65

Another minor correction.

10:53-----------64.63
10:54-----------61.45
11:07-----------60.97--------------------3459.52

The market had enough strength going into the last hour of trading and continued its run up.

11:10------------67.77
11:18------------69.73
11:50------------72.69
11:55------------73.79
11:58------------75.68
12:01------------76.12------------------3474.67 (+2.24%) the day's high
Market Close.

Advancers 111
Decliners 6

Value turnover PhP 7.047 bn
Cross transactions PhP 2.970 bn
Block sales PhP 202 mn

Sectoral Indices rebounded across-the-board.
Services +3.09%
Property +2.27%
Holdings +2.26%
Industrial +2.03%
M-O +1.97%
Financial +0.80%

Closing prices of select stocks - May 31, 2007.
ABA - PhP 0.013
ALI - PhP 15.50
AR - PhP 0.013
DGTL - PhP 1.56
EIB - PhP 0.54
LOTO - PHP 16.50
MPI - PhP 4.40
NRCP - PhP 4.35
SUN - PhP 0.73
V- PhP 1.68
WEB - PhP 0.0575