The day's market - January 07, 2008

The local equities market again mirrored the large drop in WallStreet. It declined from the opening bell and failed to recover.

PSEi precious close - 3479.37 (January 04, 2007)

time----------down----------PSEi
9:31----------61.47---------3417.90

Advancer 0 Decliners 37
PLDT (TEL) opened at PhP 2995 from PhP 3055 previously.
A large chart gap at the 34719.15-3417.90 levels; was opened because of the immediate fall in the Philippine Stock Exchange Index (PSEi).

9:32----------66.51
9:33----------70.23
9:34----------70.89---------3408.48

Advancers 0 Decliners 47
TEL at PhP 2990. AC at PhP 484 from PhP 505 previously.

9:35----------72.81
9:37----------73.43
9:41----------73.98
9:44----------79.00----------3400.37

The PSEi tries to hold at the 3400 level.

9:45----------80.22----------3399.15
9:47----------80.36
9:48----------75.50----------3403.87
9:51----------79.36
9:56----------81.03----------3398.34

The 3400 level fails to hold and the market heads lower to look for a support.

9:57----------81.26
9:58----------82.59
9:59----------84.82
10:00---------86.23
10:03---------86.61
10:04---------87.06
10:05---------88.21
10:06---------88.87
10:18---------91.17
10:32---------92.82----------3386.55

Advancers 4 Decliners 102

10:40---------94.00
10:41---------94.68
10:42---------96.75
10:44---------97.55----------3381.87

The 3380 is tested as a possible support. The PSEi hovers near this level for the rest of the trading session.

10:46---------91.40----------3387.97
10:47---------95.41
10:50---------96.78
10:52---------96.81
10:54---------99.85
10:56--------100.41----------3378.96

10:57---------98.96
10:59---------97.83
11:02---------91.01----------3388.36

11:12---------95.86
11:14---------97.35----------3382.02
11:16---------91.72----------3387.65

11:18---------92.51
11:26---------97.01
11:31---------97.81----------3381.56
11:35---------92.34----------3387.03

11:36---------98.37
11:37---------98.82
11:40---------99.90----------3379.47

Advancers 6 Decliners 122

11:41--------100.54
11:42--------102.10
11:44--------104.15----------3375.22 (day's low)

11:47---------98.07
11:50---------96.81
11:51---------99.10----------3380.27

11:52---------97.34
11:54---------96.57
11:55---------94.55
11:57---------99.74----------3379.63
11:58---------91.48
11:59---------91.75
12:01---------90.56----------3388.81 (-2.60%)
Market Close.

Advancers 10
Decliners 125

Value turnover: PhP 3.893 bn
Cross transactions: PhP 1.195 bn

The PSEi broke its recent (Dec 18, 2007) low at 3414.52. The next support is at the 3,300-3330 level.
Even with a fast initial drop, the local equities market did not bounce back in the latter part of the trading day because investors are still wary of the performance of the Dow Jones Industrial Average (DJIA) later. The DJIA is now within range of its recent (Nov 26, 2007) low at 12,724. A break of this could bring it lower to 12500.


Sectoral Indices.
Holdings -3.79%
M-O -3.17%
Financial -2.87%
Industrial -2.68%
Property -1.92%
Services -1.92%

The Day's Top Gainers:
KEP: PhP 1.98; +10.00%
LSC: PhP 1.56; +8.33%
CEU: PhP 6.80; +6.25%

The Day's Biggest Decliners:
MVC: PhP 0.60; -29.41%
ATRK: PhP 3.50; -16.67%
DIZ: PhP 6.50; -16.67%