The BULLS continue to rampage in the Philippine Stock Market - June 04, 2007

The DJIA advancd higher by 40.47 points on Friday to end at 13668.11.

PLDT ADRs were also up by $1.54 to close at $57.85. Converting at about PhP46.oo vs $1.00 - this comes out to PhP 2660. On Friday, PLDT last traded at PhP 2575.

Moody's also upgraded PLDTs rating to Baa2 from Baa3 with a stable outlook.

With the stage set, PLDT opened at PhP 2600 and lifted the market to new highs once again.


PSEi previous close - 3547.35 ( June 01, 2007)

time--------------up--------------------PSEi
9:31-------------15.22
9:36-------------25.59
9:40-------------30.89
9:45-------------36.83
9:49-------------53.32--------------------3600.67

In twenty minutes, the market zoomed straight up and the PSEi was already knocking at the 3,600 level. The peso traded at PhP 45.787 vs $1.00.

There were slight pullbacks but the local equities market continued to show its strength and marched on.

9:58-------------53.34
10:03------------55.87
10:10------------60.16
10:15------------65.39
10:30------------70.02
10:39------------70.85--------------------3618.20

A minor correction ensued.

10:43-------------66.47
10:46-------------64.34
10:48-------------63.42
10:49-------------61.96
10:52-------------64.45
10:58-------------61.61
11:04-------------61.40
11:07-------------60.63--------------------3607.98

After a half hour of consolidation, the market continued its rampage

11:13-------------68.87
11:18-------------71.40
11:21-------------72.91---------------------3620.26
11:38-------------73.10
11:40-------------75.55
11:50-------------77.14
11:51-------------79.90
11:54-------------80.12
11:55-------------82.47----------------------3629.82 (the day's high)

The market reached another all-time high five minutes before the close of trading.

11:56-------------76.61
11:57-------------74.60
11:58-------------72.87
11:59-------------70.76
12:01-------------75.59-----------------------3622.94 (+2.13%)
Market Close.

Advancers 68
Decliners 49

Value turnover PhP 6.487 bn
Cross transactions Php 2.284 bn

Sectoral Indices
Property +3.99%
Holdings +2.50%
Services +1.88%
Financials +0.82%
Industrial +0.17%
M-O -0.19%

The market conitunues its romp in uncharted territories and investor sentiment keeps it buoyant. Market mommentum has extended the rally. But in the last three day's alone, the market has risen by more than 220 points (or around 6.50%). A much needed breather is needed and this leg of the run up may be nearing an exhaustion. A near term correction or consolidation may be expected.

Closing prices of select stocks - June 04, 2007
ABA - PhP 0.013
ALI - PhP 17.50
AR - PhP 0.014
DGTL - PhP 1.58
EIB - PhP 0.55
LOTO - PhP 16.50
MPI - PhP 4.50
NRCP - PhP 4.40
SUN - PhP 0.71
V - PhP 1.74
WEB - PhP 0.0525