The Philippine Stock Market consolidates between the 3,400 - 3,450 range

The local equities market got a big boost in the opening because of another big advance in WallStreet. The US DJIA gained 103.69 points to close at 13,487.53. Investors jumped into the market upon the opening bell.

PSEi previous close - 3409.20 (May 16, 2007)

time-----------change-------------PSEi
9:31-----------up 43.18----------3452.38 (the day's high)
9:32--------------24.52----------3433.72

Today is the ex date for Ayala Corp (AC); a key index issue, so the adjusted previous close is at PhP 500. It opened at PhP 545 and immediately lifted the market to it's high.. After just a minute, it traded at PhP 515 and the gains were also immediately cut.

Sentiment however was already bullish and the market made another attempt to challenge the 3,450 resistance level.

9:35--------------25.40
9:36--------------29.18
9:38--------------29.48---------(Php 46.875 vs. $1.00)
9:39--------------33.29
9:41--------------34.16
9:42--------------36.48
9:46--------------36.96
9:47--------------40.27------------3449.27

The 3,450 resistance proves to be strong and pushes back the market. And again given the steep advance, the market was prone to another deep retracement.

9:48--------------37.82
9:51--------------34.25
9;54--------------32.82
10:01-------------31.89
10:03-------------29.50
10;04-------------28.84
10:05-------------23.83
10:06-------------20.29-----------3429.49

Market tried to consolidate at these levels.

10:07------------24.58
10:08------------26.04

10;15------------22.50
10:17------------24.29

10:20------------19.09
10:21------------21.51

10:26------------15.04------------3424.24

The 3425 level was tested as a minor support.

10:27------------20.04
10:28------------21.56
10:31------------17.12
10:36------------14.98-----------3424.18

The minor support is still weak and did not hold.

10:37------------13.82
10:40------------13.16
10:42-------------6.88

10:43-------------9.71
10:47-------------5.67
10:48--------down 0.25------------3408.95

The PSEi went into negative territory and the market was back at zero. The market now struggled to keep up.

10:51----------up 11.33
10:55--------------5.70
10;58--------------4.45
11:03--------------4.24
11:06--------------2.03

11:16--------------7.54
11:17--------------8.18

11:23--------------1.21
11:24--------------0.06
11:27---------down 1.08

11:28-----------up 7.25
11:30--------------5.39
11:31--------------2.04

11:33---------down 2.91
11:34--------------3.41
11:35--------------unch------------(PhP 46.818 vs $ 1.00)
11:36---------down 3.57------------3405.63 (the day's low)

At this point, the market consolidated just above the 3,400 support level.

11:37--------down 1.63
11:38-------------2.06

11:39----------up 1.10
11:44-------------3.68
11:47-------------1.82
11:49--------down 2.13
11:51----------up 3.33
11:53-------------1.65
11:56-------------4.65
11:57-------------5.69
11:58-------------2.94
11:59-------------4.29
12:01-------------8.49-----------3417.67 (+0.25%)
Market Close.


Advancers 44
Decliners 53

Value turnover PhP 3.919 bn
Cross transactions phP 1.403 bn

Sectoral Indices
Holdings +1.95%
Pproperty +1.17%
Financial +0.31%
Services -0.65%
M-O -0.75%
Industrial -1.29%

It was another volatile trading day and the the market has been trading in a wide range. It has been moving within the key support at 3,400 and key resistance at 3,450. Investor tentativeness can be seen as decliners outnumbered gainers even if the market was up and sectoral indices close mixed.

Gold was down by almost $12 to close near the $660/ounce level and the M-O / Mining and Oil sector fell.

Closing prices of select stocks - May 17, 2007
ABA - PhP 0.012
AR - PhP 0.012
ALI - PhP 15.25 (prev close adjstd to PhP15.00 bec of 20% stock div)
DGTL - PhP 1.64
EIB - PhP 0.53
GO - no trade
GOB - no trade
LOTO - PhP 15.50
MPI - PhP 4.65
NRCP - PhP 4.30
SUN - no trade
V - PhP 1.74
WEB - PhP 0.050