The Philippine Stock Market rebounds and ends up by 2.24% - May 31, 2007

The DJIA shrugged off the big decline in the China stock market yesterday. It closed higher overnight by 111.74 points to end at another record at13,360.08.

Growth forecast for the Chinese economy was even adjusted higher to around 10.4% from 9.6%.

Philippine GDP data came ot to be at 6.9% and much better than expected.

With all these factors soothing investor jitters, the Philippine stock market strongly rebounded from the opening bell, immediately got back all its losses yesterday and then sustained its rally to close at its high.

PSEi previous close 3398.55 -May 30, 2007

time-------------up-------------------PSEi
9:31------------46.30
9:43------------60.09-----------------3458.64

Within 15 minutes into trading, the local equities market regained all of its losses yesterday. PLDT opened at PhP 2,520 from its previous close of PhP 2,470. By this time, the stock already touched it's intraday high at PhP 2,560.

After zooming straight up; the market took a slight breather and looked for a support.

9:46------------56.70
9:48------------52.94
9:53------------50.50------------------3449.05

It settled at 3,450 for its support and then resumed its uptrend.

9:59------------56.67
10:03-----------60.68
10:07-----------63.18
10:26-----------67.10-------------------3465.65

Another minor correction.

10:53-----------64.63
10:54-----------61.45
11:07-----------60.97--------------------3459.52

The market had enough strength going into the last hour of trading and continued its run up.

11:10------------67.77
11:18------------69.73
11:50------------72.69
11:55------------73.79
11:58------------75.68
12:01------------76.12------------------3474.67 (+2.24%) the day's high
Market Close.

Advancers 111
Decliners 6

Value turnover PhP 7.047 bn
Cross transactions PhP 2.970 bn
Block sales PhP 202 mn

Sectoral Indices rebounded across-the-board.
Services +3.09%
Property +2.27%
Holdings +2.26%
Industrial +2.03%
M-O +1.97%
Financial +0.80%

Closing prices of select stocks - May 31, 2007.
ABA - PhP 0.013
ALI - PhP 15.50
AR - PhP 0.013
DGTL - PhP 1.56
EIB - PhP 0.54
LOTO - PHP 16.50
MPI - PhP 4.40
NRCP - PhP 4.35
SUN - PhP 0.73
V- PhP 1.68
WEB - PhP 0.0575

Market breaks down and tests the 3,400 support - May 30, 2007

The DJIA was up 14.06 points and ended up at 13521.34 after the Memorial Day weekend break. The local equities market started listlessly and even tried to go higher.

PSEi previous close - 3452.62 (May 29, 2007)

time---------------change-----------------PSEi
9:31-------------up 1.54
9:32-----------down 0.36
9:33-------------up 1.20
9:36----------------2.36
9:38----------------5.98------------------3458.60 (day's high)

After the market failed to gain a strong upward momentum just like the past couple of day's, it sputtered and started falling.

9:43-------------up 2.81
9:51----------------1.38

When the market fell through the immediate support at 3,450, the drop accelerated

9:53----------down 3.56-------------------3449.06
9:54----------------6.88
10:00--------------11.69
10:01--------------17.38-------------------3435.24

At this point, the next target was to test the support at 3,420.

10:41----------------------------PhP 46.232 vs $1.00
10:45--------down 20.60
10:49--------------26.62
10:54--------------28.25
11:06--------------30.35--------------------3422.27

The 3,420 support is tested.

11:12--------down 34.19--------------------3418.43
11:22--------------34.50

When it was evident that the support level won't hold, another selling spurt ensued in the final half hour of trading.

11:28--------down 36.54
11:30--------------36.76
11:32--------------39.68
11:36--------------41.55
11:39--------------42.33
11:41--------------46.50--------------------3406.12

Initial test of the 3,400 level.

11:45--------down 43.23
11:47--------------36.25---------------------3416.37

Another round of selling in the final ten minutes had the market falling.

11:50--------down 42.37
11:53--------------44.87
11:54--------------46.05
11:56--------------48.88
11:57--------------53.75---------------------3398.87

The key support at 3,400 is broken and the market then touched its day's low

11:58---------------58.01--------------------3394.61 (the day' low)
11:59---------------55.55
12:01---------------54.07--------------------3398.55 (-1.57%)
Market Close.

Advancers 23
Decliners 96

Value turnover PhP 5.113 bn
Cross transactions PhP 1.955 bn

Sector indices were down across-the-board.
M-O -3.29%
Services - 2.31%
Holdings -1.46%
Property -1.28%
Industrials -1.07%
Financials -0.59%


Market momentum turned around as the PSEi broke several support levels today. A bounce is possible after a large sudden drop; but the 3,400 support must hold immediately to calm jittery investors. The second and third liner stocks which were the darling of market punters the past day's also suffered deep and sudden drops.
If the downward momentum continues, the chart gap opening at the 3364-3381 may be targetted.


Closing prices of select stocks - May 30, 2007
ABA - PhP 0.013
ALI - PhP 15.00
AR - PhP 0.012
DGTL - PhP 1.56
EIB - PhP 0.54
LOTO - PhP 16.25
MPI - PhP 4.35
NRCP - PhP 4.25
SUN - PhP 0.70
V - PhP 1.66
WEB - PhP 0.049




Just heard on Bloomberg TV that the Shanghai market is down today by 7.00% (after going up nearly 140% the past year). The Shanghai B index is down by 9.0%. China has just increased the tax on stock market transactions in order to stem the explosive boom in the market. A growing concern of a possible burst of the equities bubble in China has been sounded off earlier by former US Fed chairman Alan Greenspan and HongKong business mogul Li Ka Shing. Almost 300,000 new stock market investors has been recorded daily in China ( this is the 4th generation of investors and they are prone to sell at once with any downturns). It is estimated that there are now 21 million (more than the population of Taiwan) stock market investors in the Chinese stock market.

Most Asian and European equities markets are down.

The day's market - May 29, 2007

Article from an interview regarding the Philippine stockmarket performance and outlook.

From BusinessWorld - May 29 2007


PSEi previous close - 3443.56 (May 28, 2007)

With the US markets on holiday; the local equities market continued with its consolidation mode but with a slightly upward bias. It opened higher as the second and thirdliners enjoyed brisk trading.

time-----------up--------------PSEi
9:31-----------0.46
9:45----------13.36
10:00---------18.21------------3461.77 (day's high)

Within half an hour, the market touched it's days high. the market then just drifted sideways.

10:57---------1.62-------------3445.18

Another hour of trading and the market is almost back where it started as most of the gains were given up. The market moved within a narrow trading range the rest of the session.

11:31--------11.84
11:59--------6.44--------------3450.00
12:01--------9.06--------------3452.62 (+0.26%)
Market Close.

Advancers 66
Decliners 41

Value turnover PhP 4.496 bn
Cross transactios PhP 1.958bn
Blockn sales PhP 143 mn

Sectoral Indices
Services +1.56%
M-O +0.61%
Industrial -0.03%
Holdings -0.09%
Financial -0.58%
Property -1.41%

Closing prices of select stocks - May 29,2007
ABA - PhP 0.013
ALI - PhP 15.25
AR - PhP 0.014
DGTL - PhP 1.64
EIB - PhP 0.55
LOTO - PhP 16.50
MPI - PhP 4.35
NRCP - PhP 4.35
SUN - PhP 0.70
V - PhP 1.68
WEB - PhP 0.049

The day's market - May 28, 2007

The US DJIA was up by 66.15 points last Friday and closed at 13,507.28. It regained most of its losses from Thursday. (Trading in the US equities market will be closed for Memorial Day.)

PLDT ADRs was up by $1.72 to close at $55.22. Converting it at PhP 46 to $1.00; this comes out to PhP 2420. lat Friday PLDT last traded at PhP 2,505.

The local equities market was in a consolidation mode. The PSEi touched a high of 3464.40 (up by 22. 64) points an hour into trading but gave up most of its gains when traded ended. It had a day's low of 3464.40. The peso was once again below the PhP 46 level against the US$.

PSEi up 1.80 (+0.05%) points to close at 3443.56

Advancers 58
Decliners 62

Value turnover PhP 3.601 bn
Cross transactions PhP 1.290 bn

Sectoral Indices
Sevices +1.56%
M-O +0.61%
Industrial -0.03%
Holdings -0.09%
Financial -0.58%
Property -1.41%

The market is now into a consolidation mode. It is deemed to have gone up too fast. The market reached a high at 3517.13 just last week (May 23,2007) and that point was more than 18% higher than the low it reached a little less than two months ago( 2965.8o last March 6, 2007) ; investors are wary of a deep correction and tentative to be aggressive in the market.

The current trading range of the market is at 3,420 - 3,480. Brisk trading in the smaller cap issues however is keeping investors and punters relatively busy. Long term market sentiment remains positive. Newspaper reports cite that the combined earnings last year of listed companies in the Philippine stock market posted a 26.52% increase over the previous year (PhP 261.1 bn from PhP 204.75. (Index companies even posted a 33.45% improvement on earnings).



Closing prices of select stocks - May 28, 2007
ABA - PhP 0.013
ALI - PhP15.00
AR - PhP 0.014
DGTL - PhP 1.58
EIB - PhP 0.55
LOTO - PhP 16.25
MPI - PhP 4.40
NRCP - PhP 4.35
SUN - PhP 0.69
V - PhP 1.68
WEB - PhP 0.049

The day's market - May 25, 2007

The local equities market got a jolt sure enough, because of the decline of 84.52 points overnight in the US markets. The DJIA closed at 13,441.13. PLDT ADRs also fell by $1.39/share. These unforeseen (though not totally unexpected) events are taken as an escuse for a further correction and a cue for some investors to sell.

PSEi previous close - 3470.77 (May 24, 2007)

time---------------down---------------PSEi
9:31---------------16.91--------------3453.86

The immediate support at the 3,450 level is immediately broken.

9:32---------------24.38
9:36---------------31.39
9:37---------------35.37
9:38---------------37.69
9:41---------------39.79
9:43---------------40.66
9:45---------------41.15
9:54---------------43.95-----------------3426.82 (day's low)
10:08----------------------PhP 46.385 vs $ 1.00

The market fell in a steep decline in the first thirty minutes of trading as the 3,450 support did not hold this time. The next support tested was at the 3,400/3,420 level. The Philippine peso was also weaker in today's trade and this also added to the negative sentiment in the stock market.

The market rallied in the next hour of trading as investors scooped up bargains that presented itself with the market's very fast drop.

10:13----------37.47
10:23----------34.67
10:25----------31.86
10:29----------28.76
10:39----------26.26
10:42---------23.77
10:45---------22.53
10:51---------21.99
10:53---------21.41
11:08---------20.07---------3450.70

The 3,450 level was broken as a resistance with this run up; and the market tried to firm up its support.

11:18----------13.71
11:21----------11.83---------3458.97

11:28---------19.33---------3451.44

The 3450 level still held.

11:29---------14.24
11:39---------11.21
11:52---------13.15
11:54---------16.07---------3454.70

A big drop in the final minutes had the market close below the 3450 level.

12:01---------29.01---------3441.76 (-0.83%)
Market Close.

Advancers 44
Decliners 68

Value turnover PhP 5.534 bn
Cross transactions phP 2.577 bn

Sectoral Indices were mostly down.
M-O - 1.67%
Property -1.17%
Financial -1.17%
Holdings -1.07%
Industrial -0.86%
Services +0.33%

Closing prices of select stocks - May 25, 2007
ABA - PhP 0.013
ALI - PhP 14.25
AR - PhP 0.013
DGTL - PhP 1.56
EIB - PhP 0.55
LOTO - PhP 16.25
MPI - PhP 4.45
NRCP - PhP 4.40
SUN - PhP 0.71
V - PhP 1.70
WEB - PhP 0.050

The day's market - May 24, 2007

The Dow Jones was lower by 14.30 points and closed at 13525.65. Yesterday, the market closed at its low and it is still looking for its support.

PSEi previous close 3466.56 (May 23, 2007)

time--------------change--------------PSEi
9:31--------------up 3.02
9:32-----------------0.08
9:33-----------down 2.19
9:35-----------------0.47
9:36--------------up 0.86
9:38-----------------5.83
9:43-----------------7.98-------------3474.54 (day's high)

The market opened flat and tried to advance early in the trading day; but the downward momentum from yesterday was still felt.

9:53--------------up 3.51
10:04----------down 0.37
10:07----------------1.48
10:11-----------------3.69
10:15-----------------5.74
10:23-----------------7.01
10:54-----------------8.96
10:55----------------10.83
10:56----------------13.40
10:58----------------15.34
11:01----------------15.78---------3450.78 (the day's low)

The next support at the 3,450 level held its ground, and the market bounced back a little.

11:02----------down 14.07
11:07----------------11.99
11:09----------------10.02
11:11-----------------9.59---------3456.97

11:16----------------14.29---------3452.27

Another test of the support was made. It was found to be strong enough and the market rallied to recoup its losses.

11:24----------down 10.32
11:32-----------------8.33
11:33-----------------4.60
11:45-----------------3.62
11:47--------------up 0.40
11:49-----------------2.67
11:51-----------------5.30
11:54-----------------6.37
11:55-----------------7.58
11:59-----------------2.12
12:01-----------------4.21----------3470.77 (+0.12%)
Market Close.

Advancers 49
Decliners 55

Value turnover PhP 5.278 bn
Cross transactions PhP 2.801 bn

Sectoral Indices were mixed
Industrial +0.77%
Services +0.71%
Holdings +0.37%
Financial -0.34%
M-O -0.76%
Property -0.85%

The market support seems to be at the 3,450 level at this point. The resistances are at the 3,480 and 3,500 level. Barring any major jolts, such as a huge drop in the US markets (which has not had a sizeable correction after gaining more than 5% the past month); or the failure of the COMELEC to proclaim the election winners and etc. ; the local equities market is seen to move within this range.

Closing prices of select stocks - May 24, 2007
ABA - PhP 0.013
ALI - PhP 15.50
AR - pHp 0.013
DGTL - PhP1.56
EIB - PhP0.54
GO - no trade
GOB - no trade
LOTO - PhP 16.00
MPI- PhP 4.50
NRCP - PhP 4.40
SUN - PhP o.70
V - PhP 1.70
WEB - PhP 0.050

The day's market - May 23, 2007

After trading at record high levels, momentum is sputtering a little bit. The market tried to advance higher but soon enough fell to a correction.

The Dow Jones Industrial Average was flat and was down by only 2.93 points and closed at 12,539.95. PLDT ADRs (American Depository Receipts) traded in WallStreet however was down by $0.49 to close at $54.67. This is equivalent to only PhP 2515 (At PhP 46.00 to $1.00), and PLDT closed yesterday at PhP 2,550.


PSEi previous close - 3505.03 (May 22,2007)

time------------change ------------PSEi
9:31-----------up 1.05
9:32--------------8.88
9:35-------------10.59
9:36-------------12.10-------------3517.13 (the day's high)

This is the new all-time high level.

9:38-------------5.02
9:41-------down 1.14
9:47-------------5.20--------------3499.83

The 3,500 immediate support was easily broken and this was the excuse needed for a correction.

9:50------------6.44
9:54------------7.87

At this point, PLDT (TEL) opened trading at PhP 2,520 and immediately fell further to PhP 2,500.

10:04--------20.40----------------3484.63
10:05--------24.68----------------3480.35
10:10--------28.48----------------3476.55
10:13--------24.73----------------3480.30

The 3,480 level was next tested and failed to hold. The market then hovered below this new immediate resistance.

10:17--------28.75
10:23--------30.36
10;28--------31.65
10;30--------32.27
10:40--------32.39
10:41--------33.13
10:50--------35.64
10:51--------36.05------------------3468.98

10:53--------30.04
10:58--------28.19
11:13--------27.41------------------3477.62

The resistance at 3,480 is tested and it held.

11;31---------35.90
11:33---------36.99-----------------3468.04

11:48---------25.18-----------------3479.85

The market had another stab to break the 3,480 level. having failed to do so, the selling slightly accelerated in the final minutes of trading.

11:55---------29.04
11:57---------34.94
11:59---------35.10
12:01---------38.47-----------------3466.56 ( -1.10% /the day's low)
Market Close.

Advancers 51
Decliners 57

Value turnover PhP 8.411 bn
Cross transactions PhP 4.200 bn

Sectoral Indices
M-O +2.35%
Financial +).23%
Holdings - 0.11%
Property - 0.66%
Industrial - 1.74%
Services - 2.39%


Closing prices of select stocks - May 23, 2007
ABA - PhP 0.013
ALI - PhP 15.75
AR - PhP 0.013
DGTL - PhP 1.58
EIB - PhP 0.53
GO - no trade
GOB - no trade
LOTO - PhP 16.00
MPI - PhP 4.50
NRCP - PhP 4.45
SUN - PhP0.70
V- PhP 1.72
WEB - pHp 0.050