The day's market - August 06, 2007

Another huge drop in WallStreet stymied the expected (but more of a much hoped for) rebound. The Dow Jones Industrial Average (DJIA) fell by 281.42 (-2.09%) to close at 13181.91. These huge declines are very hard to ignore despite the buying momentum observed in the local equities market last friday. Upon the opening bell, sellers resumed to exert pressure the market and bargain hunters stepped back anew and held of buying.

PSEi previous close - 3352.24 (August 03, 2007)

time------------down--------------PSEi
9:31-----------49.26--------------3302.98

The 3300 level was immediately targetted. It was easily broken.

9:32----------50.48
9:34----------64.73
9:36----------80.86---------------3271.38

The market traded below the 3270 level for the rest of the session.

9:37----------82.43
9:45---------90.06
9:56---------99.34
10:05------101.61
10:11------105.87
10:15------107.51
10:16------110.01--------------3242.23 (day's low)

A feeble rally was attempted.

10:23------107.36
10:27-------99.99
10:41------88.73
10:53------83.01-------------3269.23

11:12-------85.32
11:23-------90.70
11:31-------93.62
11:44-------98.61
11:52-------99.53

12:01-------95.25------------3256.99 (-2.84%)
Market Close.

Value turnover: PhP 5.225
Cross transactions: PhP 1.941 bn

Sectoral Indices again dropped across-the-board.
Property -6.26%
Holdings -4.76%
M-O -2.90%
Industrial -2.05%
Financial -1.96%
Services -0.45%



TOP GAINERS:
1. NI: PhP13.50; +14.89%
2. IS: PhP0.13; +8.33%
3. WPI: PhP0.70; +7.69%

WORST DECLINERS:
1. VITA: PhP0.31; -27.91%
2. FED: PhP11.75; -18.97%
3. CAC: PhP1.80; -18.18%

VALUE TURNOVER:
1. SMPH: PhP520 mn (close: PhP10.50; -10.64%)
2. TEL: PhP 463 mn (close PhP2,610.00; -0.57%)
3. ALI: PhP402 mn (close PhP14.25; -5.00%)

VOLUME TURNOVER:
1. OPM: 925 mn (close: PhP0.018; unch)
2. OV: 911 mn (close PhP0.018; unch)
3. OM: 868 mn (close PhP0.014; unch)


The market is now 15% off the high of 3820 set just last July 13. The issue of investor confidence is the main drag on the Philippine Stock Market. Investors must remain convinced of the fundamentals of the market and the overall economy. A rebound within the week may be expected with oversold thirdliners seen to be bought up by bargain hunters.