The day's market - February 05, 2008

With WallStreet posting a triple digit drop, a correction in the local equities market was induced after the gains in the past several days. The next support levels are being tested.
Developments in the local political arena, also weighed down the market. Investors are keeping an eye on how the forceful move to change the leadersip in Congress last night will play out in the next few days. Any prolonged and expansion of conflict that may once again polarize the people may become a cause of concern. An immediate resolution is most welcome. As yet, most people seem to be interested in following the story but also remain indifferent.

PSEi previous close - 3323.25 (February 04, 2008)

time---------down--------PSEi
9:31--------4.01---------3319.24 (day's high)

Advancers 4 Decliners 18

9:32-------18.00--------3305.25
9:32-------22.55--------3300.70

The 3300 level is immediately tested.
Advancers 7 Decliners 27

9:33-------25.19--------3298.06

The support at the 3300 fails to hold. The PSEi moves lower and tries to find its next base.

9:34-------26.98
9:35-------27.51
9:36-------28.72
9:39-------31.93

PhP 40.82 vs US$ 1.00

9:40-------33.37
9:43-------36.15
9:46-------36.69
9:50-------38.24
9:54-------39.19
9:58-------39.31-------3283.94
10:00------37.43
10:02------35.70
10:06------34.32
10:07------33.68
10:08------32.03
10:12------33.31

PhP 40.811 vs US$ 1.00

10:16------34.35
10:18------32.80
10:24------35.41
10:25------33.09
10:32------29.51--------3293.74

The market fails to go over the 3300 level.

10:35------31.06
10:41------34.97
10:44------35.42
10:53------35.12
10:55------36.56
11:05------33.24
11:12------35.48
11:17------36.73
11:21------39.62
11:23------40.87

Advancers 30 Decliners 66

11:33------41.79-------3281.46
11:41------39.78
11:42------41.54
11:43------43.26
11:44------43.90
11:48------44.30-------3278.95 (day's low)
11:52------42.64
11:55------39.98
11:57------42.22
11:58------39.87
12:01------39.69-------3283.56 (-1.19%)
Market Close.

Advancers 32
Decliners 71

Value turnover: PhP 2.479 bn
Cross transactions: PhP 1.077 bn

Inflation accelerates to 4.9% in January, the fastest pace in over a year (15 months). This is above the forecast figures and may signal an end to the Philippine Central Bank's interest rate cuts (after cutting it by 25 basis points last week).

Sectoral Indices:
Property -2.03%
Holdings -1.45%
Industrial -1.28%
Services -0.77%
M-O -0.21%
Financial -0.15%

The Day's Top Gainers:
CRC: PhP 17.00; +13.33%
UNI: PhP 0.17; +13.33%
MRC: PhP 0.49; +11.36%

The Day's Biggest Decliners:
LIHC: PhP 14.25; -10.94%
PHES: PhP 0.21; -10.64%
CHI: PhP 2.70; -10.00%