The Philippine Stock Market surges 9.82%. - August 21, 2007

With the market closed yesterday, pent up buying immediately drove up the market. As asian markets also continued its recovery, investors got a huge boost in confidence.
PLDT ADRs was higher by $3.31 and $1.30 on Friday and Monday respectively to close at $53.84. PLDT closed at PhP 2295 on Friday.

PSEi previous close - 2884.34 (August 17, 2007)

time------------up--------------PSEi
9:31----------134.99-----------3019.33

The key 3000 level was immediately breached. PLDT opened at PhP 2400.

9:32----------156.76
9:33----------163.29
9:34----------173.48
9:34----------176.95
9:38----------177.06
9:40----------177.52
9:41----------182.09
9:47----------189.19
9:48----------191.31
9:49----------196.61
9:52----------203.69-----------3088.03

In less than half an hour, the market already gained 200 points. And the market was not yet through yet.

9:53----------204.21
9:57----------206.07
9:59----------206.88
10:00---------207.45
10:02---------210.36
10:03---------213.98
10:06---------214.38
10:07---------216.45-----------3100.79

The 3100 level is also breached.

10:09--------219.17
10:10--------222.79
10:12--------225.87
10:13--------227.21
10:14--------237.63
10:15--------245.82
10:16--------250.86
10:17--------253.78
10:20--------260.68-----------3144.99

The market consolidates at around the 3150 level for the next half hour or so.

10:22--------255.30-----------3139.64
10:24--------258.29
10:25--------260.56
10:26--------261.53
10:30--------266.64-----------3150.98

At the halfway point of the trading session, the market has already advanced by 9.25%

10:31--------267.49
10:33--------261.95

10:38--------264.06
10:47--------265.09
10:48--------266.61-----------3150.95

10:54--------262.23
11:02--------264.76
11:03--------266.14-----------3150.48

The market was able to hold on to its gains and the consolidation enabled the PSEi to advance to higher levels going into the final hour of trading.

11:04--------268.00-----------3152.34
11:06--------272.57
11:09--------273.25
11:12--------276.55
11:26--------277.20
11:30--------278.56
11:32--------280.06
11:36--------281.05
11:42--------282.77
11:49--------286.39
11:50--------286.82-----------3171.16 (the day's high)
12:01--------283.18-----------3167.52 (+9.82%)
Market Close.

Advancers 135
Decliners 8

There was no index issue decliner. PLDT close at PhP 2520.

Value turnover: PhP 5.650 bn
Cross transactions: PhP 1.390 bn

The market's advance is a very good step to its recovery. The 3000 key level has been broken convincingly and the day's gains were consolidated.

However, there is still mixed expectations whether the rally signals a turnaround (and momentum will carry the market higher) or just a technical bounce (and may succumb to an early bout of profit taking).

The huge advance today showed that the market still has its fundamental intact and what is just needed is investor confidence to be built up and sustained.

The chart gap at the 3106-3124 was closed. But today, a new gap was opened at the 2996-3019 levels.

The performance of the Dow Jones Industrial Average (DJIA) will be keenly watched.

Sectoral Indices rebounded strongly across-the-board.
M-O +11.98%
Holdings +10.88%
Industrial +10.24%
Services +9.55%
Property +9.02%
Financial +6.72%

The day's Top Gainers:
Stock-------Price(PhP)------ up (%)
EVER----------0.205---------28.12
PHES----------0.30----------25.00
NI------------9.10----------24.66
MIC-----------3.80----------24.59
GEO-----------1.32----------24.53
UPM-----------0.86----------22.86
POPI----------0.38----------22.58
PCP-----------0.34----------21.43
UW------------0.26----------20.93
COL----------10.75----------20.79

The day's Top Index Issue Gainers
Stock----------(% up)
JFC------------20.45%
MER------------18.92%
MERB-----------18.42%
LC-------------16.67%
AC-------------15.53%
MWC------------14.89%
SMPH-----------14.36%
MEG------------12.73%
HLCM-----------11.54%
BPI------------11.21%