The day's market - June 25, 2007

The local equities market tried to stay above the 3,700 level but the huge decline in WallStreet last Friday was too hard to ignore.

PSEi previous close - 3701.16 (June 22, 2007)

time------------change---------------PSEi
9:31------------up 3.95--------------3705.11 (day's high)
9:32---------down 2.93--------------3698.23

After just a couple of minutes into trading, the 3700 level was easily broken and selling pressure steadily increased.

9:33---------down 10.04
9:37----------------14.91
9:38----------------20.19
9:40----------------25.52
9:41----------------27.64

After an initial wave of selling, there was a slight rebound, but the decline continued.

9:42---------down 23.14
9:43---------------25.03
9:44---------------27.85
9:45---------------31.90
9:51---------------34.06
9:53---------------35.18
10:01-------------46.41------------ 3654.14

The market consolidated in a narrow range the rest of the trading day. The rally towards the close that was observed in last week's declines; never came.

The market initially tried to hold near its recent low at the 3,660 level.

10:10------down 46.02-------------3655.14
10:15------------41.04-------------3660.12
10:16------------39.82
10:22------------44.25
10:29------------41.67
10:30------------38.58
10:33------------37.57-------------3663.59
10:36------------43.10
10:40------------40.80------------3660.13
10:42------------42.64
10:44------------45.85
10:45------------46.63------------3654.53

After it became evident that the hoped for rebound will not materialize, the market moved to a lower range near the 3650 level.

10:46-----down 47.12-------------3654.04
10:48-----------48.55
10:49-----------49.66
10:50-----------51.22-------------3649.89
10:52-----------47.07
11:02-----------51.72
11:14-----------51.05
11:22-----------50.87
11:24-----------51.56
11:37-----------48.86
11:46-----------51.27
11:48-----------52.80------------3648.76 (day's low)
11:53-----------47.91
11:55-----------45.75
11:57-----------46.98
11:58-----------47.92
11:59-----------41.12--------(last try to limit losses)
12:01-----------47.58-------------3653.58 (-1.28%)
Market Close.

Advancers 31
Decliners 98

Value turnover PhP 4.204 bn
Cross transactions PhP 1.387 bn

Resistance remain at 3,700. Should the correction/consolidation mood persist, the market may close the gap at the 3633 level. Support is at the 3,600-3,630 level.

Sectoral Indices.
Industrial +0.29%
Financial -0.71%
Services -1.64%
Holdings -1.83%
Property -1.83%
M-O -2.26%

Closing prices of select stocks - June 25, 2007
ABA - PhP 0.014
ALI - PhP 17.75
AR - PhP 0.016
DGTL - PhP 1.62
EIB - PhP 0.58
LOTO - PhP 16.00
MPI - PhP 4.30
NRCP - PhP 4.45
SUN - PhP 1.16
V - PhP 1.82
WEB - PhP 0.0675