The day's market - July 13, 2007

The stage has been set to challenge the all-time high level of the Philippine Stock Exchange Index (PSEi) as WallStreet just touched record high levels last night and local borrowing/lending interest rates declined.
Stock prices were bought up upon the opening bell and sentiment was very positive.

PSEi previous close - 3756.75 (July 12, 2007)

time-----------up----------PSEi
9:31----------21.72--------3778.47

The strong opening opened a new chart gap at the 3756-3778.

9:32----------38.28
9:33----------45.72--------3802.47

The 3800 level was easily broken.

9:35----------49.97
9:36----------50.82
9:37----------52.21
9:38----------54.12
9:39----------55.28
9:40----------56.70---------3813.45

The previous high (as adjusted) was challenged.

9:43----------61.47
9:50----------63.80----------3820.55

A new all-time high was set 20 minutes into trading. After such a dizzying run up, the market corrects.

9:57-----------59.88
10:00----------54.25
10:02----------46.53---------3803.28

The 3800 was tested as a support.

10:10----------56.62--------3813.37
10:16----------46.09
10:23----------42.96--------3799.71

The 3800 as a support is still weak. The PSEi declines and investors took it as a cue to take profits after the market's big rise starting from yesterday.

10:21----------42.55--------3799.20
10:30----------40.81
10:35----------38.15
10:47----------37.55
10:50----------36.43-------3793.18

The 3800 level was now a resistance. A final challenge to break it failed and the PSEi drifted lower in the last hour of trading.

10:56----------42.10-------3798.85
11:08----------39.06
11:21----------38.15
11:28----------37.78
11:29----------35.83
11:31----------34.88
11:33----------31.87
11:36----------31.61
11:41----------30.80
11:46----------28.22--------3784.97
11:50----------26.02--------3782.77

It seems the market has found an initial minor support at 3780.

11:53----------28.10
11:54----------31.11
11:56----------29.05
11:58----------27.02
11:59----------22.26---------3779.01
12:01----------29.27---------3786.02 (+0.78%)
Market Close.

Advancers 77
Decliners 48

Value turnover PhP 6.853 bn
Cross transactios PhP 2.391 bn

Sectoral Indices advanced across-the-board.
M-O +1.20%
Services +1.15%
Industrial +1.09%
Financial +0.75%
Property +0.61%
Holdings +0.50%

Closing prices of select stocks - July 13, 2007
ABA - PhP 0.014
ALI - PhP 18.25
DGTL - PhP 1.56
EIB - PhP 0.55
GO - PhP 0.29
GOB - no trade
LOTO - PhP 15.00
MPI - PhP 4.40
NRCP - PhP 4.30
SUN - PhP 1.00
V - PhP 1.86
WEB - PhP 0.060