The day's market - July 16, 2007

The market initially tried to break the 3800 level but the local equities market lacked momentum.
Today also is the listing date of Aboitiz Power Corporation (AP) and many traders / investors concentrated on its trade because of the excitement and buzz recent IPOs had. It was the most actively traded stock.
When it failed to meet investor expectations of big gains on "opening day", and when trading immediately moved close to its IPO price (from its opening high price of PhP 6.20), investor sentiment also soured.

PSEi previous close - 3786.02 (July 13, 2007)

time---------change------------PSEi
9:31---------up 3.61
9:34------------6.76-----------3792.78 (high)

From an opening of PhP 6.20 (IPO price of PhP 5.80), Aboitiz Power Corporation (AP) immediately dropped to PhP 6.00. The market soon lost direction and positive sentiment diminished.

9:36---------up 0.78
9:37------------3.58
9:40------------2.90
9:46------------3.81
9:53------------0.36

The market moves into negative territory and tries to stay close its previous close.

10:01-----down 4.71
10:02-----------1.04
10:06--------up 0.01
10:17-----down 7.16
10:19-----------0.15

The decline accelerated and continue for the rest of the session. At this point AP was trading at PhP 5.80, its IPO price.

10:25----down 8.42
10:29----------9.58
10:40--------17.53
10:47--------17.73
10:48--------19.37
10:50--------20.38
11:12---------23.11
11:16---------23.19
11:25---------24.66
11:28---------25.24
11:36---------29.05
11:42---------35.80----------3750.22 (day's low)

Minor support is presently at 3750.

11:45---down 32.40
11:46---------26.96
11:47---------27.46
11:59---------31.92
12:01---------32.76----------3753.26 (-0.86%)
Market Close.

The chart gap at 3756-3778 was closed.

Advancers 42
Decliners 88

Value turnover PhP 6.853 bn
Cross transactions PhP 1.307 bn
Block sales PhP 2.354 bn (405,869,000 shares of AP at PhP 5.80)

Sectoral Indices.
M-O +0.25%
Financial -0.51%
Industrial -0.60%
Services -0.82%
Holdings -1.14%
Property -1.59%

The day's TOP GAINERS.
Stock---------Close------------% change
PA --------- PhP 0.17 ---------+47.83%
IS ----------PhP 0.26 ---------+18.18%
ICTV ------ PhP 2.65 ---------+15.22%
VVT ------- PhP 2.00 ---------+13.64%
GOB ------- PhP 0.34---------+13.33%