The Dow Jones Industrial Average (DJIA) fell by 148.27 (-1.08%) points overnight and closed at 3501.70. This prompted the local equities market to continue its correction for the fourth straight trading day.
PSEi previous close - 3720.96 (July 10, 2007)
time------------down------------PSEi
9:31------------14.77------------3706.19
The 3700 was tested and the market moved in a narrow range at this level for the rest of the trading day.
9:31-----------21.87-------------3699.09
9:44-----------33.98------------3686.98 (day's low)
10:16----------20.63------------3700.33
10:28---------18.82-------------3702.14
10:45---------20.30------------3700.66
11:00---------27.11-------------3693.85
11:13---------23.50-------------3697.46
11:31---------26.23-------------3694.73
11:52---------13.99-------------3706.97
11:59---------11.80-------------3709.16
12:01---------16.74-------------3704.22
Market Close.
Today's opening drop left another chart gap. If the decline continues, we might be seeing an island reversal chart pattern and could lead to a deeper correction.
A rebound could be seen as covering of a gap opened previously.
Advancers 54
Decliners 66
Phoenix Petroleum had its debut at the Philippine Stock Exchange. It was priced at PhP 9.80 at its Initial Public Offering (IPO).
Today it opened at PhP 14.00, touched a low of PhP 12.25 before settling at PhP 12.75 (+30.10%).
This is a classic example of great demand of shares with little supply. At its IPO, there was a dearth of available shares. There are a total of only 145 mn shares listed and around 98 mn was subject for a one year lock up.
Sectoral Indices.
M-O -1.98%
Industrial -0.73%
Holdings -0.49%
Financial -0.40%
Services - 0.26%
Property - 0.03%
Closing prices of select stocks (July 11, 2007)
ABA - PhP 0.012
ALI - PhP 17.50
DGTL -PhP 1.54
EIB - PhP 0.55
G0 - PhP 0.31
GOB - no trade
LOTO - PhP 15.25
MPI - PhP 4.30
NRCP - PhP 4.25
SUN - PhP 0.92
V - PhP 1.86
WEB - PhP 0.060
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