The day's market - December 12, 2007

After a steep decline in WallStreet even as an expected rate cut has been effected; investors were more than surprised and uncertainty pervaded in the local equities market. The market headed straight down from the opening bell.

PSEi previous close - 3672.38 (December 11,2007)

time------------down---------PSEi
9:31-----------39.85---------3632.53
9:32-----------49.55
9:33-----------52.55
9:34-----------54.21
9:35-----------56.37
9:36-----------68.01
9:40-----------70.08--------3602.30

9:42-----------66.16
9:43-----------64.98
9:48-----------62.68

9:50-----------72.08-------3600.30

The 3600 level is tested and holds.

9:51-----------70.33
9:53-----------68.61
9:58-----------66.44
10:01----------64.58
10:02----------60.05
10:03----------58.71
10:05----------56.70
10:09----------55.58-------3616.80

The market tries to minimize its losses as it consolidates just above the 3600 level.
PhP 41.482 vs US$ 1.00

10:17----------57.17
10:22----------63.78
10:26----------59.51
10:34----------59.51
10:36----------60.17
10:42----------61.68
10:43----------56.33

PhP 41.479 vs US$ 1.00

10:54----------57.34
10:59----------52.01
11:00----------49.64
11:07----------48.12
11:10----------46.41

PhP 41.477 vs US$ 1.00

11:19----------45.95-------3626.43

The markets fails to move higher and continues to try to build a strong base at the 3600 level.

11:27----------51.30
11:31----------55.26
11:35----------52.19
11:36----------54.57
11:40----------59.29
11:50----------60.92
11:55----------64.33
11:58----------61.50
11:59----------64.45
12:01----------66.79-------3605.59 (-1.82%)
Market Close.

PhP 41.474 vs US$ 1.00

It is imperative for the market to hold at the 3600 level this week. A breach of this support level may imperil the year-end rally that investors have come to expect. This may lead to loss of confidence and sentiment turnaround.

Market Activity
Trades 9,295
Volume 3,319,643,578
Value tuenover: PhP 4.256 bn
Advances 22
Declines 95
Unchanged 39

Sectoral Indices.
Property -3.54%
Financial -3.31%
M-O -2.45%
Holdings -2.00%
Services -0.97%
Industrial +0.29%

The Day's Top Gainers:
MPIW: PhP 2.85; +14.00%
JOH: PhP 1.78; +9.88%
GO: PhP o.24; +9.09%
SMC: PhP 55.00; +8.91%
SMCB: PhP 55.50; +7.77%

The Day's Biggest Decliners:
ABAB: PhP 0.010; -16.67%
OPM: PhP 0.023; -8.00%
BCB: PhP 25.00; -7.41%
UW: PhP 0.25; -7.41%
OM: PhP 0.013; -7.14%