The day's market - September 12, 2007

Market comments on yesterday's market.

BusinessWorld - September 12, 2007


Early in the day, around the vicinity of the Philippine Stock Exchange (PSE) Makati trading floor area; there were lots of policemen on heightened alert as the decisions on the cases against the former President Joseph Estrada were scheduled to be promulgated. But curiously, there was no conglomeration of protesters in sight. The atmosphere was peaceful and not tense.

The Dow Jones Industrial Average (DJIA) advanced by 180.54 points overnight in WallStreet and closed at 13,308.39.

PSEi previous close - 3267.97 (September 12, 2007)

time----------up------------PSEi
9:31---------5.22-----------3273.19
9:32---------1.97
9:33---------1.59-----------3269.46 (day's low)
9:34---------2.12
9:35---------4.20
9:37---------4.63

The market started cautiously as expected. The decision on the cases against the former President Estrada came out early at around this time. The court proceedings were not protracted, unlike previous high profile cases. There was no time for the heightened emotions of the former President's supporters to build up; as the Guilty verdict on the plunder case against him was read at once.

When it was evident that no untoward and violent incidents/events were forthcoming, the market steadily advanced and gained momentum. Mining issues and select small cap stocks led the market on the onset. And when calmness and investor confidence came back, the index issues followed.

9:39--------9.11
9:40-------13.36---------3281.33

The 3280 level was broken immediately.

9:44-------18.19
9:45-------18.82
9:46-------19.67
9:50-------22.00
9:52-------24.88
9:53-------29.43---------3297.40

The market then just hovered a tad below the key 3300 level for the next few minutes.

9:54-------28.73
9:55-------29.84
9:56-------30.47
10:01------31.44--------3299.41

And when the 3300 level was broken, the PSEi held above it.

10:04-----33.39--------3301.36
10:06-----35.18
10:11-----35.42
10:12-----38.50
10:19-----38.61--------3306.58

10:27-----34.63
10:31-----32.45--------3300.42

10:34-----33.86
10:37-----38.96
10:40-----39.31--------3307.28

10:46-----36.71
10:57-----34.97

11:05-----37.02
11:06-----41.60
11:07-----44.90--------3312.87 (day's high)

11:10-----40.51
11:11-----39.29
11:23-----42.59
11:41-----39.63
11:46-----38.11
11:51-----37.44
11:53-----36.59
11:57-----40.28
12:01-----39.63-------3307.60 (+1.21%)
Market Close.

Advancers 94
Decliners 18

Value turnover PhP 5.087 bn
Cross transactions PhP 3.355 bn

Sectoral Indices were up across-the-board.
M-O +5.57%
Holdings +2.90%
Industrial +1.21%
Financial +0.71%
Property +0.70%
Services +0.47%

Gold prices stood above the $700 an ounce level. And even among the index issues, mining stocks LCB, MA, LC, MAB and PX led advancers as each gained more than 6.0% for the day.

The Day's Top Gainers:
GO: PhP 0.31; +24.00%
JTH: PhP 24.00; +21.52%
ICTV: PhP 1.86; +14.81%

The Day's Biggest Decliners:
FAF: PhP 0.85; -15.00%
PRC: PhP 3.25; -14.47%
ABAB: PhP 0.010; -8.33%