The days' market - December 14, 2007

DOW JONES INDUSTRIAL AVERAGE(DJIA)summary

Index Value: 13,517.96
Trade Time: Dec 13
Change: up 44.06 (+0.33%)
Prev Close: 13,473.90
Open: 13,473.98
Day's Range: 13353.92 - 13527.63

The local equities market virtually ignored the movement in WallStreet (which was able to recover from a more than 120 point drop in the early going). The Philippine Stock Exchange Index (PSEi) opened lower and surprisingly, it immediately went into a steep spiral downwards. It was not able to recover and investors and analysts were hard up in looking for a major reason for the day's big decline.
It was however noticeable that foreign brokerages were selling down blue chip issues and select property stocks. We can only surmise that it is part of the year-end winding down of their portfolios before they get back into the market by January next year.

PSEi previous close - 3626.21 (December 13, 2007)

time------------down------------PSEi
9:31-----------18.10------------3608.11
9:31-----------19.59
9:33-----------20.64
9:34-----------24.44
9:37-----------26.28------------3599.93

PhP 41.241 vs US$ 1.00
The key 3600 support level was easily broken. As soon that it became evident that the PSEi would not be able to go back above it, the market drop accelerates.

9:38-----------31.03
9:39-----------32.00
9:40-----------38.78
9:41-----------43.92
9:45-----------46.28------------3579.93

If the PSEi had any hope of recovering back towards the 3600 level intraday, the 3580level should have held and would have been the support for a rebound.
The market tries to stay near this level in the next half hour.

9:49-----------46.37
9:51-----------50.29
9:53-----------51.10
9:55-----------52.40------------3573.81

9:56-----------49.50
10:02----------50.64
10:05----------51.55
10:08----------48.69
10:11----------48.05
10:23----------48.01
10:25----------47.34------------3578.87

10:42----------62.46------------3563.75

PhP 41.202 vs US$ 1.00
A sudden drop dashed the hopes of a recovery within the day.

10:46----------61.06

Trading of select blue chip issues:
TEL PhP 3000 from PhP 3045 previously.
AC PhP 545 from PhP 565 previously.
MER PhP 81.00 from PhP 84.50 previously.

10:52----------63.63

Advancers 26 Decliners 83

10:58----------63.79
10:59----------64.46
11:03----------67.78
11:12----------70.42
11:14----------70.86
11:18----------71.27
11:20----------72.28
11:24----------72.53------------3553.93 (-2.00%)

Advancers 28 Decliners 97
The market tries to hold at the 3550 level.

11:25----------69.71
11:28----------68.64-----------3557.57
11:36----------71.16
11:42----------70.49

PhP 41.187 vs US$ 1.00

11:46----------71.63
11:50----------72.71
11:52----------76.73----------3549.48

The 3550 level is tested and breached in the closing minutes of the day's trading session.
11:53----------73.37
11:54----------81.44----------3544.77
11:57----------75.24
11:58----------79.55
11:59----------84.69
12:01----------87.52----------3538.69(-2.41%)
Market Close.

Advancers 23
Decliners 106

The breakdown from the 3600 level left a lot of uncertainty in the market. Confidence is also shaken and the market closed at its day's low. We hope that investors regain composure over the weekend.

Value turnover: PhP 4.184 bn
Cross transactions: PhP 1.540 bn

Sectoral Indices.
Property -4.59%
Holdings -3.46%
Services -1.45%
M-O -1.45%
Financial -1.42%
Industrial -1.33%

The Day's Top Gainers:
MFIN: PhP 3.80; +49.02%
SGI: PhP 0.80; +26.98%
SPM: PhP 1.26; +10.53%

The Day's Biggest Decliners:
APR: PhP 3.30; -14.29%
RLT: PhP 0.48; -12.73%
CYBR: PhP 0.37; -9.76%

Index Movers: (Effect on the PSEi of blue chip issues)
AC -17.20 points
TEL -13.99 points
ALI -12.42 points
SMPH -8.17 points