The day's market - January 18, 2008

PLDT (TEL) was down $2.27 and closed at $69.67. Converting at PhP41.oo to US$ 1.00, its price comes to around PhP 2856.00
Another freefall in WallStreet induces more selling in the local equities market.

PSEi previous close - 3248.89 (January 17, 2008)

time------------down-----------PSEi
9:31------------51.97---------3196.92

The drop upon the starting bell again leaves another chart gap at the 3239 - 3196 levels. This is the third straight day that a gap is left open.
Advancer 1 Decliners 52

9:32------------72.35
9:33------------80.38---------3168.51

The lower end of the immediate support range of 3171-3217 (the lows last seen on August 29, 2007) was broken. The markets heads to much lower levels.

9:34------------86.56
9:35------------87.01
9:36------------94.53
9:37------------97.31
9:38------------99.04----------3149.85

The next support at 3150 is also breached.
Advancers 2 decliners 71

9:39------------99.53
9:40-----------100.12
9:41-----------103.97
9;43-----------107.99
9:44-----------108.71-----------3140.18
9:45-----------137.79-----------3111.10

TEL trades at PhP 2800 from an initial trade of PhP 2900 and a previous close of PhP 2920.

9:48-----------133.35
9:53-----------137.81------------3111.08 (day's low)
9:58-----------136.32
9:59-----------130.20

After a half hour of panic; the market tries to consolidate and halt its decline.

10:01----------128.37
10:05----------127.21
10:07----------124.37

10:09----------126.75
10:12----------125.81
10:16----------124.80
10:17----------123.27
10:18----------122.90
10:19----------120.18
10:20----------121.59
10:26----------123.44
10:29----------124.94
10:31----------126.97
10:32----------123.81
10:35----------124.61
10:39----------127.33----------3121.56

The market now tries to limit its losses.

10:43----------119.15
10:48----------117.70
10:49----------115.42
10:51----------114.41
10:56----------113.29
10:57----------111.74
11:00----------111.31
11:01----------106.52
11:02----------104.73
11:03----------104.07
11:04----------102.05
11:05----------101.33
11:08----------100.04
11:12-----------98.69-----------3150.20

The Philippine Stock Exchange Index (PSEi) is able to go above the 3150 level once again and the rebound continues.

11:14-----------97.33
11:16-----------95.61
11:17-----------91.19
11:22-----------90.72
11:23-----------88.65
11:25-----------88.50
11:26-----------85.12
11:28-----------84.23
11:30-----------83.64
11:32-----------80.55
11:33-----------79.48
11:38-----------75.49
11:39-----------74.27
11:41-----------72.68

PhP 41.124 vs US$ 1.00

11:42-----------71.61-----------3177.08
11:44-----------74.09
11:48-----------75.90
11:49-----------77.08
11:50-----------78.39
11:51-----------79.15
11:55-----------82.25
11:55-----------79.92
11:56-----------83.42
11:58-----------81.48
11:59-----------81.96
12:01-----------80.59----------3168.30 (-2.48%)
Market Close.

Advancers 23
Decliners 100
PhP 41.118 vs US$ 1.00

The next support is the chart gap left open last August 17-21, 2007 at the 2996-3019 levels. The market is now at new five-month lows.

Value turnover: PhP 4.964 bn
Cross transactions: PhP 2.213 bn

Block Sale: 338 mn shares of BDO at PhP 51.11 or around PhP 17.282 bn

Sectoral Indices:
Holdings -3.84%
M-O -3.76%
Services -2.95%
Property -2.08%
Financial -1.18%
Industrial -1.08%

The Day's Top Gainers:
BCP: PhP 21.00; +50.00%
CEI: PhP 0.08; +45.45%
KEP: PhP 2.00; +17.65%

The Day's Biggest Decliners:
CDC: PhP 1.04; -31.58%
AAA: PhP 0.34; -26.09%
ZHI: PhP 0.32; -15.79%