The day's market - August 10, 2007

The expected correction in the Philippine Stock Market ensued. But because the Dow Jones Industrial Average (DJIA) dropped by a whopping 387.18 points, local equities also fell heavily upon the opening bell.

WallStreet is still in a very volatile situation. It opened down by more than 200 points in the first ten minutes as investors worried that the problems in the sub prime housing sector would spillover to financial institutions. In an hour, losses were down to just about 100 points but it again fell to constant selling pressure. An hour before closing it was down by more than 200 points but losses still deepened and the DJIA closed at 13270.68 or about 2.83% lower.

The quote from an interview which came out in an article in BusinessWorld today, should read........"if there's really no news to further boost the market, the market will be correcting itself after three days of rally. It will try to look for a base, but 3400 could be its immediate RESISTANCE (not SUPPORT)........

A previous quote in the same article also reads.....the Dow Jones rally boosted the local market, even if the latter failed to breach the 3400 level.......


PSEi previous close - 3385.20 (August 09, 2007)

time------------down---------------PSEi
9:31-----------48.91--------------3336.29
9:32-----------76.81
9:33-----------85.65--------------3299.55

The 3300 level was immediately broken.

9:37----------93.96
9:41---------112.11---------------3273.09 (the day's low)

The market managed to prevent further drops but it also failed to mount a significant rally. It moved below the 3300 level for the rest of the session.

9:44--------108.02
9:57--------100.88
9:58---------97.72
9:59---------94.84
10:05-------93.07
10:15-------92.60
10:18-------87.68--------------3297.52

10:34-------91.38
10:48-------87.87--------------3297.33

10:52-------98.42--------------3286.78
11:19-------92.91
11:30-------94.25
11:38------101.73
11:57------100.87
11:59------102.73
12:01------103.24--------------3281.96 (-3.05%)
Market Close.

Advancers 8
Decliners 136

Value turnover PhP 4.719 bn
Cross transactions: PhP 2.174 bn

Asian equities markets were also down and the peso was near the PhP 45.70 level against the dollar; in the morning trade.
There was no index issue gainer for the day.
The current support of the PSEi is at the 3240-3270 level.

Sectoral Indices dropped across-the-board.
M-O -4.51%
Holdings -3.87%
Property -3.44%
Financial -2.89%
Services -2.66%
Industrial -2.62%


The day's biggest losers.
1. CAC: PhP 1.08 -40.00%
2. AAA: PhP 0.50 -39.02%
3. WIN: PhP 0.36 -14.29%
4. HI: PhP 1.90 -13.64%
5. OPM: PhP 0.019 -13.64%
6. PRIM: PhP 0.78 -13.33%
7. NI: PhP 11.50 -13.21%
8. PWR: PhP 0.28 -12.50%
9. PCP: PhP 0.38 -11.63%
10. EVER: PhP 0.24 -11.11%