The day's market - June 18, 2007

The Philippine stock market continued to ride on its breakout momentum from last week. With the DJIA up on Friday, local investors immediately got in the market from the opening bell.

PSEi previous close - 3671.29 (June 15, 2007)

time-----------up---------------PSEi
9:31----------15.55------------3686.84
9:32----------15.70
9:33----------11:41------------3682.70.

It seems that 3680 was seen as a minor support.

9:34----------13.78
9:36----------26.31
9:41----------27.96
9:54----------29.99------------3701.28.

The first test of the 3,700 level.

10:02--------21.21
10:04--------20.15
10:10--------18.91
10:15--------17.68
10:20--------16.73-------------3688.02

After a slight pullback, the rally continues.

10:25--------26.80
10:28--------29.49------------3700.78

The next attempt to breach the 3,700 level is somehow successful.

10:37---------31.15------------3702.44
10:38---------31.77
10:49---------32.36
10:51---------36.03-----------3707.32 (new all time high).

After sputtering upon reaching its high, the PSEi run-up lost steam.

11:07--------27.94 ------------3698.53
11:20--------26.56
11:21--------25.80
11:29--------24.97
11:34--------30.18------------3701.47.

The market tries again to hurdle the 3,700 level. When it failed, the market declined and profit taking set in.

11:40-------22.76------------3694.01
11:46-------20.83
11:54-------16.59
11:57--------9.09
11:58--------6.01------------3677.30

The market has already given back most of its gains.

11:59-------11.34
12:01--------9.26------------3680.55 (+0.25%)
Market Close.

Advancers 71
Decliners 49

Value turnover PhP 9.353 bn
Cross Transactions PhP 2.056 bn
Block Sales PhP 357 mn

Sectoral Indices.
Property +2.91%
M-O +0.89%
Industrial +0.89%
Financial +0.51%
Holdings -0.76%
Services -1.63%

The local equities market has lost most of its momentum as the day's gains has been limited and not all sectors were on the upside today. If the market fails to break through the 3,700 level, a correction (and continuation of the reversal observed in the last half hour of the day's trading); may follow and the PSEi will be in search of a solid support level to sustain its current uptrend.

Closing prices of selected stocks - June 18, 2007
ABA - PhP 0.013
ALI - PhP 18.75
AR - PhP 0.015
DGTL - PhP 1.60
EIB - PhP 0.54
LOTO - PhP 15.75
MPI - PhP 4.30
NRCP - PhP 4.75
SUN - PhP 0.83
V - PhP 1.70
WEB - PhP 0.0575

Today was the continuation of trading of AGI (Alliance Global Group Inc) shares which recently just concluded its secondary offering of its shares. Its previously closed at PhP 6.40 before temporarily suspendingits trade. and offered its shares at PhP 5.75. At the resumption of its trading, it opened at PhP 6.40, touched a high of PhP 6.50 and a low of PhP 6.20; and closed at PhP 6.40. Total Vome turnover was at 592,043,000 shares with a value of PhP 3.774 bn.



In the News:

Net foreign Investment in the stock market rose 86.2% to PhgP 46.56 bn during the first five months of 2007, from 25.01 bn a year earlier.

Foreign buying almost doubled to PhP 280.31 bn from PhP 141.2 bn; while foreign selling expanded 101.3% and reached PhP 233.75 bn from PhP 116.14 bn.

As of May 31, total market capitalization hit PhP 8 trillion, or 11.6% higher than PhP 7.17 trillion at the end of 2006.

Market capitalization of listed domestic companies also reached PhP 4.1 trillion or 22.4% higher than PhP 3.35 trillion at the end of 2006.

Total value turnover from January to May reached PhP 499.78bn or 134.1% more than the PhP 213.45 bn a year earlier

Average value turnover also grew 138.9% to PhP 4.85 bn from PhP 2.03 bn during the same comparable period.

Source / Reference : BusinessMirror - June 18, 2007