The Philippine Stock Market consolidates at the 3,200 level - August 24, 2007

With the Dow Jones Industrial Average (DJIA) closing flat at 13235.88(-0.25 points), the local equities market just traded in a narrow range between the 3200-3230 levels.
After opening slightly higher, the market traded lacklusterly with a negative bias for the rest of the session.

PSEi previous close - 3229.15 (August 23, 2007)

open - 3230.21 (+1.06 points)
high - 3230.21
low - 3199.78 (-29.37 points)
close - 3206.94 (-22.21 points or -0.69%)

Advancers 34
Decliners 81

Value turnover: PhP 3.526 bn
Cross transactions: PhP 1.776 bn

The market while able to keep the week's gains remain cautious. Some investors opted to take profits or cash in. Buyers in the meantime preferred to wait for bargains.
The 3200 level was able to hold as its current immediate support.
Volumes became thin ahead of another extended weekend.
There is no trading in the Philippinee Stock Exchange (PSE) on Monday (August 27, 2007).

Target resistances:
3250
3330-3380

Seen Supports:
3170
2996-3019



Sectoral Indices.
M-O -1.64%
Holdings -1.49%
Industrial -0.60%
Financial -0.60%
Property -0.48%
Services -0.08%

Day's Top Gainers:
AAI: PhP4.00; +25.00%
T: PhP19.00; +24.59%
ATS: PhP; 21.43%

Day's Biggest Decliners:
GOB: PhP 0.25; -19.35%
GO: PhP 0.25; -19.35%
CDC: PhP 2.00; -16.67%
PCKH: PhP; -11.11%