The Philippine Stock Exchange Index (PSEi) Zooms past the 3700 level - June 20, 2007

The Dow Jones Industrial Average was again relatively flat as it closed higher by 22.44 points to end at 13635.42. The PLDT ADRs however advanced by $1.28 pershare to close at $58.80. Converting it (at around PhP 45.80 to the dollar - which was its trading range in the morning), its price comes out to PhP 2693. It closed yesterday at PhP 2640. At the bell, it opened at PhP 2680 and immediately lifted the index.

PSEi previous close - 3667.14 (June 19, 2007)

time--------------up----------------PSEi
9:31------------17.10-------------3684.24
9:34------------24.59
9:39------------27.56
9:41------------30.85
9:44------------32.79-------------3699.93

In fifteen minutes, the 3,700 level was again tested. When it was broken, the advance accelerated and the all-time high level at 3707 was also breached.

9:46-----------42.70--------------3709.84
9:47-----------45.38
9:48-----------45.75--------------3712.89

A slight pullback.

9:50----------40.75
9:56----------39.89--------------3707.03

The rally continues.

9:59---------48.05
10:08--------48.69
10:09--------50.26
10:22--------51.68
10:23--------54.09---------------3721.23 (new all time high)

Profit taking caps the market's advance.

10:30--------48.43
10:34--------45.14
10:45--------41.83
10:49--------39.28
10:51--------38.56
10:59--------35.78
11:14--------33.24
11:19--------33.06
11:23--------32.76--------------3699.90

The 3700 level as a support was now tested.

11:24--------35.86
11:25--------38.10-------------3705.24

11:35-------33.11--------------3700.25

11:40-------34.77
11:43-------40.27-------------3707.41

And tested again.

11:45-------29.44-------------3696.58
11:48-------33.52-------------3700.66

11:49-------41.86--------------3709.00
11:53-------34.96--------------3702.10

When the 3700 support held its ground, the market gathered momentum in the last five minutes of the trading session to close near its high.

11:55-------37.20
11:58-------43.58
11:59-------44.95
12:01-------51.74-------------3718.88 (+1.41%)
Market Close.

Advancers 95
Decliners 39

Sectoral Indices advanced across-the-board.
Property + 2.99%
Services +1.54%
Financial +1.17%
Industrial +1.01%
Holdings +0.65%
M-O +0.26%

Closing prices of select stocks - June 20, 2007
ABA - PhP 0.013
ALI - PhP 19.00
AR - PhP 0.016
DGTL - PhP 1.68
EIB - PhP0.58
LOTO - PhP 16.25
MPI - PhP 4.40
NRCP - PhP 4.70
SUN - PhP 0.92
V - PhP 1.84
WEB - PhP 0.065




In the NEWS:

Budget Deficit from January to May 2007: PhP 41.80 bn
Target for the first semester 2007: PhP 31 bn
May 2007 tax collection shortfall : PhP 1.7 bn ($37mn)

May 2007 xpenditures up 14% from a year earlier while revenues rose only 5%
May 2006 - PhP 5.8 bn surplus
April 2007 - phP 12 bn surplus

Reference / Source: BusinessWorld - June 20, 2007