The day's market - September 18, 2007

The Dow Jones Industrial Average (DJIA) was down by 39.10 (-0.29%) points and close at 13,403.42.

The market started listlessly and just continued to build a base at the 3300 level in the early going.

PSEi previous close - 3307.43 (September 17,2007)

time-----------change-------------PSEi
9:31------down 4.01------------3303.42
9:32-------------2.87
9:33-------------3.58
9:34-------------5.59
9:35-------------6.27
9:36-------------3.05
9:38-------------7.43-----------3300.00

The 3300 level held in the early going and the market used this as a base to build strength and momentum to be able to advance to higher levels.

9:39---------up 1.47
9:40------------0.17
9:41------down 0.46

9:42---------up 2.43
9:43------------3.94
9:44------------4.89
9:45------------6.76
9:49------------7.20
9:50------------9.07
9:51-----------10.59
9:53-----------11.01
9:54-----------13.65
9:55-----------15.17
9:59-----------16.05
10:04----------18.58
10:07----------18.99
10:12----------19.56------------3326.99

10:16-------up 16.90
10;26----------11.78

10:29-------up 13.91
10:31----------20.25------------3327.68

10:32-------up 19.07
10:33----------18.50
10:35----------14.74
10:36----------14.32

10:37-------up 15.96
10:45----------16.91
10:46----------18.48
10:47----------22.87------------3330.30 (day's high)

After reaching the day's high, the market sudenly gave back its gains.

10:53-------up 18.66
10:54----------13.69
10:55-----------7.62
10:56-----------3.59
10:57-----------2.02

At this point, we found out that; at the Senate investigation on the controversial National Broadband Project deal investigation (which was televised); the First Gentleman was named by Jose de Venecia III, as the "Mystery man" who was at one of his meetings with Commission on Elections (Comelec) Chairman Benjamin Abalos.

This revelation opens up another political controversy in the domestic front. Investors are wary that this may start renewed and lenghty political bickerings which may dampen investor sentiment.

The market has been able to put politics in the backseat for some time now. But this new "issue" may add another "Uncertainty" in the market and may threaten to overshadow the moves of the US Federal Reserve Board later.

10:58-----down 3.32
10:59----------0.13
11:00----------5.88------------3301.55
11:01----------4.01
11:02----------4.44
11:03----------2.91
11:04----------2.20

The market tries to stay above the 3300 level. But when this level was broken, selling pressure increased and sentiment turned completely negative.

11:08-----down 9.56-----------3297.87
11:12---------14.23
11:17---------15.78
11:18---------17.30
11:20---------17.93
11:21---------18.13
11:23---------18.45
11:25---------19.96
11:26---------21.09----------3286.34

11:29----down 19.78
11:30---------20.40
11:31---------24.40
11:32---------26.28---------3281.15 (day's low)

11:34----down 21.90
11:36---------24.21
11:38---------20.76
11:45---------20.20

11:47----down 14.80
11:48---------15.43
11:50---------19.82

11:55----down 14.60
11:57---------19.76
11:59---------20.52
12:01---------17.68---------3289.75 (-0.53%)
Market Close.

Advancers 26
Decliners 87

The market has to hurdle the 3300 level. Immediate support is at 3267.

Value turnover: PhP 3.717 bn
Cross transactions: PhP 1.519 bn

Sectoral Indices.
M-O -2.81%
Industrial -1.88%
Property -0.82%
Financial -0.40%
Holdings -0.28%
Services +0.15%

The Day's Top Gainers:
CAT: PhP 3.65; +43.14%
ETON: PhP 3.95; +8.22%
PWR: PhP 0.28; +7.69%

The Day's Biggest Decliners:
ATSP: PhP 3.30; -17.50%
GO: PhP 0.26; -13.33%
NI: PhP 10.75; -8.51%
ABAB: PhP 0.011; -8.33%
SINO: PhP 0.35; -7.89%