The day's market - August 31, 2007

The Dow Jones Industrial Average (DJIA) closed lower by 50.56 points and closed at 13238.73.

The Philippine Gross Domestic product (GDP) surges 7.5% for the 2nd quarter of 2007 on back of high infrastructure investments and election spending as well as stable interest rates and a strong peso. This is the highest level in 20 years.
In the second quarter, Agriculture, Fisheries and Forestry (AFF) grew by 3.9%, Industry by 8% and Services by 8.9%.
The highest contribution to GDP was Services which accounted for 4.1%, Industry with 2.7%. AFF accounted for only 0.7%


PSEi previous close - 3320.34 (August 30, 2007)

time-------------change--------------------PSEi
9:31-----------down 0.59----------------3319.75
9:32-----------------2.90
9:33--------------up 2.44
9:34-----------down 0.41
9:35-----------------2.93
9:37-----------------3.25----------------3317.09 (day's low)

The market had a listless start as there was uncertainty with the decline in WallStreet overnight.

9:38-------------up 2.76
9:40----------------0.68
9:41----------------2.77
9:42----------------0.50
9:43----------------0.02
9:46----------------6.01

With the market stabilizing after the first fifteen minutes, optimism on the better than expected GDP data caught up with investors.

9:47------------up 8.07
9:48--------------10.95
9:50--------------14.24
9:51--------------17.99
9:52--------------19.26
9:53--------------21.05
9:54--------------23.75
9:55--------------24.06
9:56--------------28.13
10:01-------------29.60
10:02-------------31.50----------------3351.84

The 3350 level was reached and the market consolidated its gains for the rest of the session. There was no sign of giving back the day's gains.

10:03--------up 34.24
10:05-----------31.92
10:06-----------27.96------------------3348.30

10:09-----------31.42
10:11-----------34.70
10:13-----------35.63
10:22-----------36.26
10:24-----------36.80
10:26-----------37.90
10:32-----------38.77-------------------3359.11

10:35-----------33.53
10:36-----------32.56
10:41-----------31.44
10:43-----------28.93-------------------3349.27

The market continued to move in a narrow range in the next hour.

10:44-----------30.88
11:16------------34.73
11:29------------37.55
11:50------------36.63

The market gained some more momentum in the last ten minutes as month-end window-dressing kicked in.

11:51----------up 40.04
11:55-------------40.98
11:56-------------41.34
11:57-------------45.12------------------3365.46 (day's high)
11:58-------------40.41
11:59-------------42.40
12:01-------------44.95
Market Close.

Advancers 84
Decliners 23

The 3336-3382 chart gap partially filled.
If the DJIA holds its ground tonight and the weekend passes by relatively uneventful; the market may target the 3382-3411 early next week. Support is seen at 3217-3267.

Value turnover: PhP 3.981 bn
Cross transactions: PhP 1.290 bn

Sectoral Indices were higher across-the-board.
M-O +3.09%
Holdings +2.41%
Property +1.91%
Industrial +1.35%
Services +1.01%
Financial +0.29%

The Day's Top Gainers
ATSP: PhP4.00; +48.15%
APX: PhP4.80; +17.07%
FAF: PhP0.99; +16.47%
SFI: PhP0.52 +15.56%
PAL: PhP6.80; +13.33%
CYBR: PhPO.47; +11.90%
ATS: PhP1.90; +11.76%
KPM: PhP1.96; +11.36%
BRN: PhP1.44; +10.77%
PRIM: PhP0.94; +10.59%
POPI: PhPO.43; +10.26%
OV: PhP0.022; +10.00%