It was a real disappointing day in the Philippine Stock Exchange today. Despite last Friday's surge in the US equties market and its spill over in the asian markets this morning; the local equities market ended in the red.
The Philippine Stock Exchange Index (PSEi)
previous close - 2915.67
open - 2934.89
high - 2934.89 (+19.22 points)
close - 2890.92
low - 2890.92 (-24.75 points)
It really is an issue of confidence among investors. Local equities are not yet attractive enough. Aside from opening at its high and closing at its low (this forms a black/red candlestick for technical analysts); the PSEi broke below its psychological support at 2900.
As the market failed to hurdle its 10 day moving average (m.a) at 2933.08 and its 30 day m.a at 2935; momentum shifted downwards.
The immediate support is at 2884.34 (August 17, 2007 low) with a possible target near the low of 2772.93 touched last March 17, 2008.
Value turnover was at PhP 2.189 bn and more than half or PhP 1.142 bn were cross transactions. Advancers lagged behind decliners 30 to 47.
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