The day's market - January 29, 2008

Comment on Yesterday's trading:
Manila Bulletin - January 29, 2008

BusinessWorld - January 29, 2008


DOW JONES INDUSTRIAL AVERAGE (DJIA) summary
Index Value: 12,383.89
Trade Time: Jan 28
Change: Up 176.72 (+1.45%)
Prev Close: 12,207.17
Open: 12,205.71
Day's Range: 12112.14 - 12386.01

After a slow start, the DJIA recovered and advanced steadily. It firmed up its gains and closed near its high.

PLDT (TEL) ADRs were higher by $2.40 and closed at $69.98. Converting at PhP 40.71 vs the US$, it comes to around PhP 2850. Yesterday it closed at PhP 2775.

Gold was up by $16.60 to close at $925.30 - 925.80 an ounce.

The local equities market once again took its cue from WallStreet and rebounded from yesterday's decline.

PSEi previous close - 3203.56 (January 28, 2008)

time------------up-------------PSEi
9:31-----------19.97-----------3223.53

Advancers 27 Decliner 1
TEL opened at PhP 2800

9:32-----------29.40
9:33-----------31.12
9:34-----------35.86
9:35-----------35.93
9:36-----------38.57----------3242.13

Asian markets were up today.
PhP 40.717 vs US$ 1.00

9:41-----------38.95

Advancers 51 Decliners 4

9:42-----------41.13
9:43-----------43.68
9:44-----------46.57----------3250.13

The 3250 level resistance was tested ....and broken.

9:45-----------59.68

TEL at PhP 2850.

9;52-----------61.00
9:53-----------62.49
9:54-----------63.92---------3267.48 (day's high)

9:57-----------59.78
10:03----------56.67
10:05----------58.03
10:07----------55.63

PhP 40.716 vs US$ 1.00

10:10----------58.03
10:17----------59.29
10:23----------54.63
10:26----------51.89
10:28----------49.77
10:30----------44.74---------3248.30

The market moves below the 3250 level once again and gives back most of its gains.

10:30----------43.80
10:33----------40.69
10:34----------39.30
10:35----------38.89
10:39----------37.64
10:41----------37.18
10:43----------35.42
10:46----------34.53
10:51----------33.91
10:52----------32.87
10:53----------30.23
10:54----------29.93
10:55----------28.68
10:57----------26.96
10:59----------25.39
11:01----------24.79---------3228.35
11:03----------27.35

Advancers 54 Decliners 32
TEL back at PhP 2805

11:08----------25.94
11:18----------25.13
11:21----------23.24
11:28----------25.59
11:28----------24.97

11:29----------18.82
11:31----------18.15
11:40----------17.58-----------3221.14

11;41----------19.98
11:42----------20.28

11;43----------15.18
11:44----------14.29
11:45----------13.49-----------3217.05

11:47----------16.28
11:50----------14.28
11:51----------13.75
11:53----------13.40-----------3216.96
11:54----------15.74
11:55----------14.60
11:56----------17.58
11:57----------18.10
11:58----------18.63
11:59----------19.10
12:01----------20.68-----------3224.24 (+0.65%)
Market close.

Advancers 46
Decliners 55

A new chart gap at the 3212-3216 levels was opened today. The PSEi is now above the 10 day moving average. If the 3170-3200 level holds and proves to be a strong support, the 3350-3400 level will be a likely target. The 3250-3270 is the immediate resistance.

Sectoral Indices
Financial +1.46%
Holdings +1.32%
Services +0.66%
M-O +0.47%
Industrial +0.15%
Property -0.88%

The Day's Top Gainers:
MUSX: PhP 0.29; +52.63%
EIBA: PhP 0.35; +16.67%
ATN: PhP 2.24; +9.80%

***MUSX recently underwent a quasi-reorganization. Its par value was reduced to PhP 0.10 from PhP 1.00. Correspondingly, the number of shares held by investors was increased by a multiple of 7.
From a last trade of PhP 1.94 before it went on a voluntary suspension of trading in its shares; the previous close was adjusted to PhP 0.19 (decreased by ten times just like the reduction in its par value.) But since the number of shares was increase by only a multiple of 7, the "break-even" point is at PhP 0.277


The Day's Biggest Decliners:
BCB: PhP 30.00; -20.00%
FED: PhP 7.20; -20.00%
JTH: PhP 2.30; -14.81%