The Philippine Stock Market moves in a hundred point range - August 03, 2007

The Dow Jones Industrial Average (DJIA) continued its recovery for the second straight day as it gained 100.96 points to end at 13463.37.
PLDT ADRs were up by $1.55 to close at $58.15. Converting it at PhP 45.70, it comes to PhP 2657.00. PLDT (TEL) shares closed at PhP 2520 yesterday.

PSEi previous close - 3359.02 (August 02, 2007)

time------------change----------PSEi
9:31----------up 19.49----------3378.51
9:32-------------57.37----------3416.37

The 3400 level was immediately breached. PLDT opened trading at phP 2595.

9:33-------------60.22
9:34-------------62.07
9:35-------------63.29
9:36-------------66.27

At this point, PLDT was already trading at the PhP 2640 - 2650 levels

9:38-------------66.65
9:39-------------70.79----------3429.81 (the day's high)

Just like yesterday, the market surged upon the opening bell and hit its high within the first 15 minutes of trading. And again, the market succumbs to an immediate correction.

9:43-------------67.96
9:47-------------60.71
9:48-------------59.32
9:50-------------57.21
9:52-------------55.85
9:56-------------55.16
10:04------------42.80
10:07------------41.89----------3400.31

The 3400 level does not hold as a support. The selling now intensifies.

10:08------------35.33
10:09------------29.73
10:10------------28.49
10:12------------22.74
10:13------------20.51
10:04------------20.04

The market goes lower than its opening level and there is no let up by sellers.

10:15------------15.90
10:22------------12.98
10:27-------------9.02
10:28-------------7.95
10:21-------------4.33
10:29-------------2.16

The day's gains are completely wiped out and the market moves into negative territory. Panic again grips the market and pushes it lower.

10:31-------down 0.09
10:35------------5.89
10:36------------6.80
10:42------------8.60
10:47-----------11.38
10:50-----------14.85
10:53-----------19.06
10:54-----------20.94
10:57-----------22.46
10:58-----------23.07

10:59-----------19.04
11:00-----------20.36
11:01-----------26.00--------------3333.02

11:05-----------21.26
11:07-----------19.28
11:10-----------26.38
11:12-----------27.46
11:13-----------29.54
11:14-----------33.34
11:18-----------34.97
11:20-----------35.86
11:22-----------36.43
11:33-----------38.48--------------3320.48 (day's low)

The market recovers in the final 10 minutes of trading as bargain buyers took over from the panic sellers.

11:50-----------28.62
11:51-----------22.64

11:54----------25.67
11:56----------18.15
11:57----------15.43
11:58----------13.64
12:01-----------6.78---------------3352.24 (-0.20%)
Market Close.

Advancers 19
Decliners 127

Value turnover: PhP 7.685 bn
Cross transactions: 3.075 bn
Block Sales: PhP 200 mn

Sectoral Indices.
Services +2.26%
Financial -0.70%
Industrial -1.39%
Holdings -1.82%
Property -2.24%
M-O -6.03%

The market touched a low of 3,320 today which is already 500 points (-13%) off the high it reached at 3820 just last July 13, 2007. Select issues which were hardest hit by panic selling are poised to bounce next week. A rebound by early next week may test the 3470-3491 resistance.
There is also a gap at the 3588 - 3641 levels which was opened on July 26-27, 2007.


--------------GMA7-----------GMAP
open-------PhP 10.75------PhP 10.75
high-------PhP 10.75------PhP 10.75
low--------PhP 9.70-------PhP 10.00
close------PhP 10.25------PhP 10.25

Today's block sales included 10,498,300 shares of GMAP at PhP 11.25 (PhP 118,105,875) and 2,800,000 shares at PhP 11.00 (PhP 30,800,000).