The day's market - January 22, 2008

WallStreet was closed for a holiday but this morning the Dow Futures was trading lower by more than 500 points.
A Global selloff was seen as equities markets around the world declined. Japan is at a two and a half year low and Australia is in a bear market.
Gold is below the $860 an ounce level. Crude is also at five weeks low on recession worries.
It was a perfect recipe for panic.

PSEi previous close - 3152.30 (January 21, 2008)

time----------down------------PSEi
9:31-----------30.72----------3121.58

Advancer 0 Decliners 70
Stock--------open----------previous close
TEL--------PhP 2740-----PhP 2770
ALI------------13.25---------14.00
AC------------437.50--------445.00
SMPH----------8.40----------9.10
MER-----------68.50---------71.50
PCOR------------4.75----------5.00

9:32-----------99.07----------3053.23
9:33----------113.15----------3039.15

Advancer 0 Decliners 77

TEL at PhP 2700; AC at PhP 432.50

9:34----------121.77---------3030.53

The 3050 level is immediately broken and the 3030 level tries to hold.

9:35----------112.95

PhP 41.527 vs US$ 1.00

9:37----------111.13
9:38----------113.74
9:42----------105.40
9:45----------108.83
9:46----------110.76
9:49----------106.62
9:52----------102.67
9:54----------100.85----------3051.85

The PSEi tries to go over the 3050 level (....but fails)

9:57----------102.81
9:59----------104.26
10:02---------106.36

Advancers 2 Decliners 100

10:06---------107.13
10:08---------112.35
10:09---------113.84
10:10---------117.25
10:14---------118.60
10:16---------121.66
10:20---------122.13---------3030.17

The 3030 level also breaks.

10:22---------123.75
10:23---------124.54
10:25---------124.87
10:27---------125.24
10:28---------127.13
10:29---------128.10
10:30---------130.61
10:34---------131.24
10:35---------132.79
10:36---------134.12
10:41---------137.10

PhP 41.508 vs US$ 1.00

10:45---------140.61
10:47---------143.00
10:51---------143.79
10:54---------144.65
10:55---------145.71---------3006.59 (-4.62%)

Advancers 4 Decliners 130

10:57---------146.35
10:59---------146.80
11:00---------149.61
11:01---------152.22---------3000.08

The key 3000 index level is tested (....and also does not hold)

11:03---------155.44
11:05---------156.92---------2995.38

The chart gap at the 2996-3019 left open since August 17-21 2007, is closed.

11:06---------160.27

Another wave of selling sweeps the market as investors panic some more with the break of the 3000 level.

11:07-------166.86
11:08-------170.22
11:09-------176.82
11:11-------180.03
11:14-------180.60
11:15-------182.73
11:16-------183.54
11:18-------185.69
11:20-------187.62
11:21-------191.33
11:27-------193.60
11:28-------198.37-----------2953.93 (day's low)

TEL at PhP 2540 after briefly touching a low at PhP 2520.

11:30-------191.67
11:31-------189.89
11:40-------186.53

PhP 41.484 vs US$ 1.00
Asian markets are steeply down at this point.

11:42-------183.67
11:43-------182.82
11:47-------180.54
11:51-------175.00-----------2977.30

TEL at PhP 2580

11:54-------174.64
11:58-------173.69
11:59-------169.45
12:01-------173.89-----------2978.41 (-5.52%)
Market Close.

Advancers 6
Decliners 150

The next support is at 2874; the low touched last August 17,2007. Negative outlook on the global equities market has the PSEi in a double bottom formation.

Value turnover: PhP 4.370 bn
Cross transactions: PhP 1.524 bn
Block sales: 25,916,519 shares of MER at phP 80.91 worth around PhP 2,096,905,552

Stock--------close
TEL------PhP 2565.00
ALI---------------13.25
AC---------------442.50
SMPH-------------8.80
MER--------------70.00
PCOR--------------4.75

Sectoral Indices.
M-O -11.07%
Services -7.27%
Property -6.81%
Holdings -4.40%
Industrial -4.15%
Financial -2.65%

The Day's Top Gainers:
BCP: PhP 40.50; +35.00%
PAL: PhP 6.00; +13.21:
JFC: PhP 44.50; 2.30%

The Day's Biggest Ten Decliners:
MHC: PhP 0.28; -30.00%
APR: PhP 2.20; -29.03%
IS: PhP 0.0975; -27.78%
DIZ: PhP 4.10; -26.79%
BKD: PhP 1.10; -26.67%
PA: PhP 0.10; -25.93%
ATN: PhP 1.80; -21.74%
NI: PhP 11.00; -21.43%
EVER: PhP 0.16; -20.00%
PHES: PhP 0.24; -20.00%