The day's market - July 06, 2007

The Dow Jones Industrial Average (DJIA) was down by 11.46 (-0.08%) points and closed at 13565.84.

The last minute surge from yesterday may be attributed to the better than expected June inflation figures.


The cost of goods and services in the Phlippines generally moved down a bit in June and allowed inflation to average lower to 2.3% from 2.4% in May. It was at the lower range of the 2.2% - 2.9% initial expected figures. The resumption of the school calendar (and higher tuition fees) and world oil-price hikes were earlier feared to ramp up inflation in June.
....................."the impact of higher world oil prices and ample liquidity were tempered by the positive effects of the strong peso and generally favorable food supply conditions"....................
------------Banko Sentral ng Pilipinas Governor Amando M. Tetangco Jr.

The 2.3% inflation in June brings the year-to-date inflation rate to 2.6%, "still below the Development Budget Coordination Committee target of 4.0% to 5.0%" according to the National Economic and Development Authority (NEDA)
source/reference: BusinessMirror July6-7, 2007



PSEi previous close - 3802.32 (July 05, 2007)

time-------------change------------PSEi
9:31-------------up 16.80-----------3819.12
9:32----------------19.38
9:38----------------20.09-----------3822.41 (new all time high)

The market established a new high, as strong momentum from yesterday's closing buying spree spilled over to today's initial trades. But the euphoric run up dissipates after the first minutes of the trading day, and a correction soon set in.

9:41-------------up 15.40
9:42----------------13.48
9:43----------------11.88
9:45----------------10.94
9:48-----------------8.25
9:52-----------------4.48
9:54-----------------3.90
9:55-----------------2.79
9:56-----------------2.30
9:58-----------------0.74------------3803.06

The 3800 level was immediately broken.

10:01--------down 14.08-------------3788.24
10:02--------------16.38
10:04--------------18.73-------------3783.59

The market tries to hold at the 3,780 level and stay within sight of the 3,800 level. At this point, advancers still outnumbered decliners 46 to 34.

10:14--------------14.92
10:21--------------13.06------------3789.26

10:24--------------17.34
10:28--------------24.19------------3778.13

10:30--------------22.87
10:31--------------19.77
10:36--------------18.16------------3784.14

Selling soon took over in the last hour and a half of trading. The market now corrects from the surprising "50 point run up in the last 7 minutes" in yesterdays trading. A huge run up in such a short period is usually very difficult to sustain and a retracement is needed.

10:46--------down 23.61-------------3778.71
10:52--------------24.19
10:58--------------26.98
11:04--------------27.00
11:08--------------27.57
11:09--------------29.40
11:10--------------31.72
11:14--------------32.44
11:18--------------34.49
11:22--------------36.27
11:30--------------40.82
11:32--------------43.98-------------3758.34

The PSEi settles just above the 3750 level.

11:39--------down 41.59
11:42--------------39.02
11:43--------------36.31
11:45--------------35.77-------------3766.55
11:48--------------40.31
11:52--------------35.54
11:58--------------40.10
11:58--------------44.06
11:59--------------45.03------------3757.29 (day's low)
12:01--------------43.48------------3758.84 (-1.14%)
Market Close.

Advancers 40
Decliners 87

Value turnover PhP 4.20 bn
Cross transactions pHp 1.75 bn

Sectoral Indices.
Property -2.92%
Holdings -1.70%
Industrial -0.87%
Financial -0.47%
Services -0.02%
M-O +0.23%

Closing prices of select stocks - July 06, 2007

ABA - PhP 0.012
ALI - PhP 17.75
DGTL - PhP 1.56
EIB - PhP 0.56
GO - PhP 0.32
GOB - PhP 0.33
LOTO - PhP 15.50
MPI - PhP 4.30
NRCP - PhP 4.30
SUN - PhP O.94
V - PhP 1.82
WEB - PhP 0.060