The day's market - February 1, 2008

Market Comments on yesterday's trading
BusinessWorld - February 01, 2008


DOW JONES INDUSTRIAL AVERAGE (DJIA) summary
Index Value: 12,650.36
Trade Time: Jan 31
Change: Up 207.53 (+1.67%)
Prev Close: 12,442.83
Open: 12,438.28
Day's Range: 12249.93 - 12702.38

The US equities market opened weak and even declined by almost 200 points early in the trading session. It rebounded however and continued its strong advance to go way past the 12500 level.
This recovery in the WallStreet had the Philippine Stock Market open with optimism and more confidence.

PSEi previous close - 3266.00 (January 31, 2008)

time-------------up-------------PSEi
9:31------------20.45-----------3286.45
9:36------------30.69
9:38------------50.66-----------3316.66

The market goes way past the 3,300 level.
PhP 40.506 vs US$ 1.00

9:39------------52.72-----------3318.72
9:40------------49.89
9:41------------46.84-----------3312.84
9:42------------60.05
9:43------------64.08
9:53------------64.99
9:54------------67.26-----------3333.26 (day's high)

The chart gap at the 3339-3350 (left open since January 16-17, 2008) proves to be a resistance.
The Philippine Stock Exchange Index (PSEi) starts to pare off its gains.

9:57------------63.25
9:58------------61.51
9:59------------59.47
10:02-----------56.49
10:04-----------53.75
10:06-----------49.49
10:15-----------47.08

PhP 40.514 vs US$ 1.00

10:22-----------46.06
10:25-----------40.94-----------3306.94

The PSEi hovers just above the 3300 level for more than an hour.
Advancers 62 Decliners 18

10:27-----------43.02
10:33-----------45.66-----------3311.66
10:35-----------41.96
10:38-----------40.47
10:42-----------37.25
10:43-----------36.72-----------3302.72
10:49-----------41.17
10:55-----------40.85
11:00-----------43.18
11:04-----------43.55
11:07-----------44.33-----------3310.33
11:15-----------42.52
11:16-----------44.07
11:24-----------40.97
11:30-----------40.01
11:32-----------39.12
11:39-----------37.04
11:41-----------36.08
11:42-----------35.63
11:44-----------35.00
11:45-----------34.55
11:47-----------34.11-----------3300.11
11:48-----------33.66-----------3299.66

When the support at the 3300 level gave way, sellers drove the market lower.

11:49-----------28.26
11:50-----------26.31
11:52-----------24.65
11:53-----------23.73
11:54-----------20.82------------3286.82
11:55-----------25.22------------3291.22
11:56-----------22.64
11:57-----------19.53------------3285.53
11:58-----------19.79
11:59-----------20.31
12:01-----------28.08------------3294.08 (+0.86%)
Market Close.

Advancers 83
Decliners 26

There is a new chart gap at the 3271-3285 left open today. The 30 day moving average (m.a.) is now at 3,372 and the 10 day m.a. at 3,181. These serve as the target resistance and support levels respectively.

Value turnover: PhP 7.852 bn
Cross transactions: PhP 1.635 bn
Block sales:
932,916,000 shares of newly listed Pepsi-Cola Products Philippines, Inc. (PIP)** at PhP 3.50 with a value of PhP 3.265 bn
15,000,000 shares of RCB at PhP 17.15 with a total value of PhP 257 mn

Sectoral Indices.
Financial +1.98%
Industrial +1.96%
Holdings +1.35%
Property +0.76%
M-O +0.23%
Services +0.03%

The Day's Top Gainers:
TDY: PhP 5.60; +47.37%
PNC: PhP 5.50; +41.03%
ION: PhP 1.30; +30.00%

The Day's Biggest Decliners:
**PIP: PhP 2.85; -18.57%
DHC: PhP 14.00; -12.50%
KPM: PhP 2.28; -5.00%

**Today was the listing date of Pepsi-Cola Products Philippines, Inc. (PIP) which recently just completed its share offering to investors.
It's Initial Public Offering (IPO) price was at PhP 3.50. It was however a case of bad timing with investors still very cautious. It was a big disappointment and it was the day's biggest decliner.
Offer Price: PhP 3.50
Open: PhP 3.30
High: PhP 3.30
Low: PhP 2.85
Close: PhP 2.85
Change: -18.57%
Volume turnover: 96,907,000 shares
Value turnover: PhP 296,437,150