The day's market - June 07, 2007

The DJIA fell by 129.79 points to end at 13,465.76. PLDT ADRs were also down by $1.20. The Philippine peso also continud to weaken and traded near the PhP 46.184 to $1.00 level in the morning trade.

The Philippine stock market continued its correction from yesterday and took its cue from the decline in WallStreet as it looked for a strong support base.

PSEi previous close 3570.47 (June 06, 2007)

time----------------down-------------------PSEi
9:31----------------15.06
9:34----------------16.36
9:35----------------20.15-----------------3550.32

The market failed to find a support at the 3,550 level and the decline accelerated.

9:36----------------26.29
9:37----------------27.94
9:38----------------28.32
9:39----------------29.51
9:40----------------32.58
9:42----------------33.36-----------------3537.11

PLDT traded at PhP2,550 from its opening trade of PhP2,590 (and a previous close of PhP 2,595).

9:43----------------52.40-----------------3518.07
9:44----------------56.99
9:46----------------57.37
9:49----------------58.31
9:57----------------59.65
9:58----------------64.59
9:59----------------66.50-----------------3503.97 (day's low)

A minor recovery ensued in the next hour of trading.

10:03--------------59.64
10:06--------------57.88
10:25--------------56.17
10:28--------------49.45-----------------3521.02
10:30--------------48.30
10:32--------------47.02
10:39--------------46.38
10:40--------------41.57
10:41--------------39.49-----------------3530.98
10:47--------------37.84
10:49--------------35.32
10:51--------------32.19-----------------3538.28

Losses were cut by half by this point. Trading went sideways for the rest of the trading session.

11:04--------------38.80-----------------3531.67
11:28--------------32.54-----------------3537.93
11:59--------------40.63-----------------3529.84
12:01--------------41.68-----------------3528.79 (-1.17%)
Market Close.

Advancers 51
Decliners 65

Value turnover PhP 5.676 bn
Cross transactions PhP 2.533 bn

Sectoral Indices fell acros--the-board.
Property -2.13%
Holdings -1.55%
Services -1.39%
Industrial -0.18%
M-O -0.06%
Financial -0.05%

With the PSEi and index issues falling, trading in the second and thirdliners stocks continue to be brisk as investors turned their attention to the smaller cap issues. Support currently stands at the 3,500-3,520 levels and initial resistance at the 3,550-3,570 levels.

Closing prices of select stocks - June 07, 2007
ABA - PhP 0.012
ALI - PhP 16.75
AR - PhP 0.014
DGTL - PhP 1.54
EIB - PhP 0.52
LOTO - PhP 16.25
MPI - PhP 4.20
NRCP - PhP 4.15
SUN - PhP O.77
V - PhP 1.68
WEB - PhP 0.0525