Market momentum was stymied as the Dow Jones was tentative in its advance of 15.61 points (closed at 13,105.50). The local equities market also declined as sellers liquidated ahead of the weekend and the trading break on Tuesday (May 1 - Labor Day).
The PSEi opened lower and continued its drop; as it gave back most of yesterday's gains. It is currently testing the strength of the 3,300 level as a support base.
PSEi previous close - 3350.34 (April 26, 2007)
time-----------down----------------PSEi
9:45----------6.20
9:46---------14.48
9:50---------19.27
10:11--------22.42
10:13--------26.16
10:31--------27.30
10:46--------28.37
11:00--------30.02
11:03--------30.52
11;24--------32.15
11:35--------34.98
11:56--------39.00------------3311.34 (day's low)
11:59--------29.58
12;01--------31.96 -----------3318.38 (-0.95%)
Market Close.
Advancers 20
Decliners 80
Value turnover PhP 4.782 bn
Cross transactions PhP 1.325 bn
Block sales PhP 564 mn
Today, was the listing date of NRCP (National Reinsurance Corp. of the Philippines)
IPO Offer Price PhP 3.80
open PhP 4.50
high PhP 5.00
close PhP 4.50
total trade for the day 179,755,000 shares or PhP 832 mn
Sectoral Indices performance for the week
M-O +4.93%
Pproperty +3.20%
Holdings +3.20%
Industrial +1.08%
Financial +0.09%
The PSEi was up 1.95% for the week. (from 3254.76 to 3318.78)
The 3,300 level must prove its strength as a support before the market can proceed higher. Otherwise , a breakdown may revert the market to its wide range trading band.
Next week's trading will be cut by a break on Labor Day and with election day nearing, some investors are adopting a wait and see attitude but are ready to jump in once trends are clear.
Long term bullish prospects are intact.
Friday, April 27, 2007
Thursday, April 26, 2007
The day's market - April 26, 2007
Quotes from an interview regarding the market's performance yesterday.
BusinessWorld - April 26, 2007
The Dow Jones Industrial Average (DJIA) broke the landmark 13,000 level. It advanced 135.95 points to close at 13,089.89. As expected, the bullish sentiment spilled over to the local equity market.
PSEi previous close - 3,309.43 (April 25, 2007)
The market immediately opened up and tested the upper limit of its trading range resistance (3,300-3,325). The market hovered at around this level for the first hour and a half of trading.
time-----------------up--------------------PSEi
9:31---------------16.23-----------------3325.66
9:32---------------14.14
9;33---------------13.21
9:35---------------12.52
9:37---------------10.71
9:39----------------8.45
9:41---------------13.55
9:45---------------16.52-----------------3325.95
Once the 3325 level was broken, the market proceeded higher. This resistance level will now be tested as a support.
9:48---------------18.51
9;50---------------19.29
9:55---------------19.75
9:56---------------23.38
10:09--------------24.32
10;20--------------19.89
10:30--------------17.07
10:34--------------15.23---------------3324.66
10:35--------------16.67
10:53--------------16.52
When the 3325 level held, investors pushed the markets to higher level in the last hour of trading.
10:59--------------18.47
11:09--------------20.15
11:28--------------20.22
11:32--------------21.28
11:38--------------22.52
11:40--------------23.12
11:44--------------23.61
Another buying frenzy was observed in the last 15 minutes of trading.
11:47--------------26.56
11:49--------------29.09
11:53--------------30.59
11:57--------------36.25
11:58--------------38.51
12:01--------------40.91----------------3350.34 (+1.24%)
Market Close.
Advancers 70
Decliners 26
Value turnover PhP 4.002 bn
Cross transactions PhP 1.373 bn
Sectoral Indices
Holdings +3.34%
M-O +2.80%
Industrial +1.65%
Property +1.16%
Financial +0.71%
Services -0.07%
The market closed at its high and momentum is seen to carry it to higher levels and even possibly test its all time high levels at the 3,400-3,425 range.
Tomorrow's trade will also be marked by the listing of Natioinal Reinsurance which just had its IPO (Initial Public Offering) completed. It offered its price at PhP 3.80 per share. It was 12X oversubscribed and more shares were made available to the public (103.9 million shares more) through the greenshoe option. Some OTC (Over The Counter) trades were said to have already reached PhP 4.50 and its listing tomorrow is sure to generate a lot of interest.
BusinessWorld - April 26, 2007
The Dow Jones Industrial Average (DJIA) broke the landmark 13,000 level. It advanced 135.95 points to close at 13,089.89. As expected, the bullish sentiment spilled over to the local equity market.
PSEi previous close - 3,309.43 (April 25, 2007)
The market immediately opened up and tested the upper limit of its trading range resistance (3,300-3,325). The market hovered at around this level for the first hour and a half of trading.
time-----------------up--------------------PSEi
9:31---------------16.23-----------------3325.66
9:32---------------14.14
9;33---------------13.21
9:35---------------12.52
9:37---------------10.71
9:39----------------8.45
9:41---------------13.55
9:45---------------16.52-----------------3325.95
Once the 3325 level was broken, the market proceeded higher. This resistance level will now be tested as a support.
9:48---------------18.51
9;50---------------19.29
9:55---------------19.75
9:56---------------23.38
10:09--------------24.32
10;20--------------19.89
10:30--------------17.07
10:34--------------15.23---------------3324.66
10:35--------------16.67
10:53--------------16.52
When the 3325 level held, investors pushed the markets to higher level in the last hour of trading.
10:59--------------18.47
11:09--------------20.15
11:28--------------20.22
11:32--------------21.28
11:38--------------22.52
11:40--------------23.12
11:44--------------23.61
Another buying frenzy was observed in the last 15 minutes of trading.
11:47--------------26.56
11:49--------------29.09
11:53--------------30.59
11:57--------------36.25
11:58--------------38.51
12:01--------------40.91----------------3350.34 (+1.24%)
Market Close.
Advancers 70
Decliners 26
Value turnover PhP 4.002 bn
Cross transactions PhP 1.373 bn
Sectoral Indices
Holdings +3.34%
M-O +2.80%
Industrial +1.65%
Property +1.16%
Financial +0.71%
Services -0.07%
The market closed at its high and momentum is seen to carry it to higher levels and even possibly test its all time high levels at the 3,400-3,425 range.
Tomorrow's trade will also be marked by the listing of Natioinal Reinsurance which just had its IPO (Initial Public Offering) completed. It offered its price at PhP 3.80 per share. It was 12X oversubscribed and more shares were made available to the public (103.9 million shares more) through the greenshoe option. Some OTC (Over The Counter) trades were said to have already reached PhP 4.50 and its listing tomorrow is sure to generate a lot of interest.
Wednesday, April 25, 2007
The day's market - April 25, 2007
From an interview regarding yesterday's market performance and outlook in today's trading.
time-------------------change-------------------PSEI
9:30----------------down 2.27
9:31------------------up 0.55
9:36---------------------9.90-----------------3301.83
The 3,300 was immediately challenged.
9:38-------------------11.28
9:39-------------------12.96
9:42-------------------14.63
9:46-------------------15.54
9:47-------------------18.79
9:50-------------------19.29
9:51-------------------20.46
10:01-----------------21.58
10:08-----------------22.22------------------3314.15 (day's high)
Even if the market was up, decliners outnumbered gainers and the early gains were hard pressed to be sustained
10:23----------------12.25
10:27----------------11.25
10:43----------------10.46
10:44-----------------9.04------------------3300.97
The 3,300 level is still a shaky support.
11:02-----------------7.60-------------------3299.53
11:07-----------------6.88
11:10-----------------3.76
11:17-----------------2.30
11:24-----------------0.06
The market showed its uncertainty.
11:30-----------------4.88
11:31-----------------6.15
11:40-----------------1.87
Buying in the last minutes of trading buoyed up the index.
11:50-----------------7.50
12;01----------------17.50--------------3309.43 (+0.53%)
Market Close.
Advancers 45
Decliners 66
Value turnover PhP 3.266 bn
Cross transactions PhP 1.120 bn
The market may continue to take its lead from the movement in the Dow Jones in WallStreet. It rose 34.54 points last night to close at 12,953.94. A strong break of the key 13,000 level may pull up the Philippine stock market also nearer to its record high levels.
BusinessWorld - April 25, 2007
Today, local equities traded within the upper limit of the trading range.
time-------------------change-------------------PSEI
9:30----------------down 2.27
9:31------------------up 0.55
9:36---------------------9.90-----------------3301.83
The 3,300 was immediately challenged.
9:38-------------------11.28
9:39-------------------12.96
9:42-------------------14.63
9:46-------------------15.54
9:47-------------------18.79
9:50-------------------19.29
9:51-------------------20.46
10:01-----------------21.58
10:08-----------------22.22------------------3314.15 (day's high)
Even if the market was up, decliners outnumbered gainers and the early gains were hard pressed to be sustained
10:23----------------12.25
10:27----------------11.25
10:43----------------10.46
10:44-----------------9.04------------------3300.97
The 3,300 level is still a shaky support.
11:02-----------------7.60-------------------3299.53
11:07-----------------6.88
11:10-----------------3.76
11:17-----------------2.30
11:24-----------------0.06
The market showed its uncertainty.
11:30-----------------4.88
11:31-----------------6.15
11:40-----------------1.87
Buying in the last minutes of trading buoyed up the index.
11:50-----------------7.50
12;01----------------17.50--------------3309.43 (+0.53%)
Market Close.
Advancers 45
Decliners 66
Value turnover PhP 3.266 bn
Cross transactions PhP 1.120 bn
The market may continue to take its lead from the movement in the Dow Jones in WallStreet. It rose 34.54 points last night to close at 12,953.94. A strong break of the key 13,000 level may pull up the Philippine stock market also nearer to its record high levels.
Tuesday, April 24, 2007
The day's market - April 24, 2007
The market corrected after yesterday's strong advance into the upper limit of the market's wide trading range. The US market also corrected upon nearing the 13,000 resistance level.
The PSEi support at 3,300 level was immediately tested.
PSEi previous close - 3319.01 (April 23, 2007)
time-------------------down-----------------PSEi
9:31--------------------12.19----------------3306.82
9:32--------------------15.18
9:33--------------------16.79
9:35--------------------15.26
9:38--------------------17.21---------------3301.80
9:41--------------------19.68---------------3299.33
9:42--------------------21.65
9:44--------------------21.68
The market attempts to stay above the 3,300 level.
9:45--------------------16.24--------------3302.77
9:48--------------------15.92
9:49--------------------17.68
9:50--------------------18.14-------------3300.87
The 3,300 level buckles and fails to hold.
9:52-------------------19.09--------------3299.92
9:54-------------------21.06
9;57-------------------21.77
9:58-------------------23.02--------------3295.99
PLDT shares had its first matched trade for the day at PhP 2,540; down from its previous close of PhP 2,570. The market immediately fell lower as the drop was reflected in the PSEi.
10:02-----------------34.73--------------3284.28
10:05-----------------34.86
10:07-----------------35.71
10:10-----------------36.58
10:12-----------------37.81
10;14-----------------39.20
10:16-----------------39.26
10:18-----------------40.56
10:27-----------------42.45-----------3276.56 (day's low)
10:36-----------------35.73
10:40-----------------35.34
10:43-----------------35.18
10:57-----------------34.18
10:58-----------------33.51
11:06-----------------30.97
11:20-----------------30.90
11:25-----------------29.64
11:26-----------------28.48
11:50-----------------27.76
11:56-----------------27.60
11:59-----------------25.11-----------3293.90
12:01-----------------27.08-----------3291.93
Market Close.
Advancers 44
Decliners 62
Value turnover PhP 4.450 bn
Cross Transactions PhP 1.999 bn
Sectoral Indices
Services -1.74%
Property -1.13%
Financial -0.37%
Industrial +0.03%
Holdings +0.05%
M-O +1.52%
The market closed near the 3,300 level and is still trying to break out of its wide trading range.
The PSEi support at 3,300 level was immediately tested.
PSEi previous close - 3319.01 (April 23, 2007)
time-------------------down-----------------PSEi
9:31--------------------12.19----------------3306.82
9:32--------------------15.18
9:33--------------------16.79
9:35--------------------15.26
9:38--------------------17.21---------------3301.80
9:41--------------------19.68---------------3299.33
9:42--------------------21.65
9:44--------------------21.68
The market attempts to stay above the 3,300 level.
9:45--------------------16.24--------------3302.77
9:48--------------------15.92
9:49--------------------17.68
9:50--------------------18.14-------------3300.87
The 3,300 level buckles and fails to hold.
9:52-------------------19.09--------------3299.92
9:54-------------------21.06
9;57-------------------21.77
9:58-------------------23.02--------------3295.99
PLDT shares had its first matched trade for the day at PhP 2,540; down from its previous close of PhP 2,570. The market immediately fell lower as the drop was reflected in the PSEi.
10:02-----------------34.73--------------3284.28
10:05-----------------34.86
10:07-----------------35.71
10:10-----------------36.58
10:12-----------------37.81
10;14-----------------39.20
10:16-----------------39.26
10:18-----------------40.56
10:27-----------------42.45-----------3276.56 (day's low)
10:36-----------------35.73
10:40-----------------35.34
10:43-----------------35.18
10:57-----------------34.18
10:58-----------------33.51
11:06-----------------30.97
11:20-----------------30.90
11:25-----------------29.64
11:26-----------------28.48
11:50-----------------27.76
11:56-----------------27.60
11:59-----------------25.11-----------3293.90
12:01-----------------27.08-----------3291.93
Market Close.
Advancers 44
Decliners 62
Value turnover PhP 4.450 bn
Cross Transactions PhP 1.999 bn
Sectoral Indices
Services -1.74%
Property -1.13%
Financial -0.37%
Industrial +0.03%
Holdings +0.05%
M-O +1.52%
The market closed near the 3,300 level and is still trying to break out of its wide trading range.
Before trading - April 24, 2007
The US markets corrected as Oil prices went above the $65 a barrel level and on renewed concerns of home loan defaults. The Dow Jones Industrial Average (DJIA) declined by 42.58 points (-0.33%) overnight to close at 12,919.40. The 13,000 level is the resistance.
In the Philippine stock market, local equities must continue its advance and now break above the 3,325 level, for its current runup to be sustained. If it cannot do so convincingly, the overnight drop in the DJIA and the just published First Quarter 2007, budget deficit figures (PhP 52 billion vs the PhP 45.8 billion target) may be used as an excuse to correct or consolidate.
(The peso was weaker from its firm levels in yesterdays morning trade and closed PhP 47.67 to $ 1.00; after the deficit figures came out).
The PSEi must also hold above the 3,300 level to be able to move out of its wide range trading (3,200/3,220 - 3,300/3,325).
The Japanese Nikkei Index just opened lower by 100 points this morning.
In the Philippine stock market, local equities must continue its advance and now break above the 3,325 level, for its current runup to be sustained. If it cannot do so convincingly, the overnight drop in the DJIA and the just published First Quarter 2007, budget deficit figures (PhP 52 billion vs the PhP 45.8 billion target) may be used as an excuse to correct or consolidate.
(The peso was weaker from its firm levels in yesterdays morning trade and closed PhP 47.67 to $ 1.00; after the deficit figures came out).
The PSEi must also hold above the 3,300 level to be able to move out of its wide range trading (3,200/3,220 - 3,300/3,325).
The Japanese Nikkei Index just opened lower by 100 points this morning.
Monday, April 23, 2007
The day's market - April 23, 2007
Record levels in the US Dow Jones Industrial Average props up trading in the Philippine stock market. With WallStreet advancing 153.35 points and closing at a record high at 12,961.98, the local equities market also advanced strongly.
Even with a technical glitch hampering trading and reflecting a 33 point drop in the first few minutes of trading, this did not deter investors from buying in the market. When the error was corrected (as observed below), the uptick then continued to pick up.
PSEI previous close 3254.76 (April 20, 2007)
time-----------------up ----------------------PSEi
9:48---------------26.46
9:55---------------29.89
10;06-------------35.44
10:11-------------39.10
10;19-------------41.09
10:23-------------43.27
10:27--------------43.50---------------------3298.26
The 3,300 level is broken.
10:33--------------46.79---------------------3301.05
10:37--------------48.48
10:55--------------50.06
11:02--------------52.26
11:45--------------57.35
11:53--------------59.24
11:54--------------61.07
12:01--------------64.25--------------------3319.01
Market Close.
Advancers 74
Decliners 34
Value turnover PhP 3.272 bn
Sectoral Indices
Property +2.69%
M-O +2.19%
Services +2.11%
Holdings +1.52%
Financial +1.27%
Industrial +0.50%
Morning trade:
47.497 PhP vs $US 1.00
All asian equities market were up.
Gold $ 691 / ounce
The market is now at the upper limit of its trading range (having broken the 3,300 level) and needs to go above the 3,325 level to sustain its upward momentum.
Even with a technical glitch hampering trading and reflecting a 33 point drop in the first few minutes of trading, this did not deter investors from buying in the market. When the error was corrected (as observed below), the uptick then continued to pick up.
PSEI previous close 3254.76 (April 20, 2007)
time-----------------up ----------------------PSEi
9:48---------------26.46
9:55---------------29.89
10;06-------------35.44
10:11-------------39.10
10;19-------------41.09
10:23-------------43.27
10:27--------------43.50---------------------3298.26
The 3,300 level is broken.
10:33--------------46.79---------------------3301.05
10:37--------------48.48
10:55--------------50.06
11:02--------------52.26
11:45--------------57.35
11:53--------------59.24
11:54--------------61.07
12:01--------------64.25--------------------3319.01
Market Close.
Advancers 74
Decliners 34
Value turnover PhP 3.272 bn
Sectoral Indices
Property +2.69%
M-O +2.19%
Services +2.11%
Holdings +1.52%
Financial +1.27%
Industrial +0.50%
Morning trade:
47.497 PhP vs $US 1.00
All asian equities market were up.
Gold $ 691 / ounce
The market is now at the upper limit of its trading range (having broken the 3,300 level) and needs to go above the 3,325 level to sustain its upward momentum.
Friday, April 20, 2007
The day's market - April 20, 2007
The market was tentative after the past two day's steep drop succeeding the two day strong advance earlier this week. The DJIA was also flat at 12, 808.63 (up 4.79 points) but moved within a wide range between the 12,730 to 12,830 levels during its trading.
PSEi previous close - 3238.06 (April 19, 2007)
time-------------change---------------PSEi
9:32-------------down 2.07
9:34---------------up 0.36
9:37-------------down 0.82
9:41---------------up 0.75
9:44-------------down 0.31
9:45---------------up 6.61
9:51------------------2.94
10:02----------------9.40
10:17----------------5.82
10:25----------------3.65
10:33----------------7.04
10:54----------------8.18
11:00----------------8.68
An hour to go before trading closes, the market seemed to have stabilized enough and investors began to take positions in the market.
11:03---------------11.71
11:19---------------13.38
11:20---------------15.05
11:24---------------13.70
11:31---------------12.92
11:35---------------14.89
11:38---------------15.42
11:41---------------17.34
11:44---------------14.67
A mild buying binge is observed but is shortlived
11:46---------------18.61
11:47---------------25.40
11:48---------------26.57
11:49---------------28.69
11:55---------------29.21-------------3267.27
The PSEi briefly touched the 3267 level (the previous day's support target which was overshot) and is now a minor resistance.
11:57---------------26.75
11:58---------------24.80
11:59---------------21.91
12:01---------------16.70------------3254.76
Market Close.
Advancers 74
Decliners 34
Value turnover PhP 2.274 bn
Cross and Block transactions PhP 740 mn
Sectoral Indices
Financial +0.90%
Services +0.84%
M-O +0.68%
Industrials +0.38%
Holdings -0.37%
Property -0.06%
Market is still in a wide consolidation between the 3,200 to 3,300 levels and would be looking for new leads to set the trend for next week's trading.
PSEi previous close - 3238.06 (April 19, 2007)
time-------------change---------------PSEi
9:32-------------down 2.07
9:34---------------up 0.36
9:37-------------down 0.82
9:41---------------up 0.75
9:44-------------down 0.31
9:45---------------up 6.61
9:51------------------2.94
10:02----------------9.40
10:17----------------5.82
10:25----------------3.65
10:33----------------7.04
10:54----------------8.18
11:00----------------8.68
An hour to go before trading closes, the market seemed to have stabilized enough and investors began to take positions in the market.
11:03---------------11.71
11:19---------------13.38
11:20---------------15.05
11:24---------------13.70
11:31---------------12.92
11:35---------------14.89
11:38---------------15.42
11:41---------------17.34
11:44---------------14.67
A mild buying binge is observed but is shortlived
11:46---------------18.61
11:47---------------25.40
11:48---------------26.57
11:49---------------28.69
11:55---------------29.21-------------3267.27
The PSEi briefly touched the 3267 level (the previous day's support target which was overshot) and is now a minor resistance.
11:57---------------26.75
11:58---------------24.80
11:59---------------21.91
12:01---------------16.70------------3254.76
Market Close.
Advancers 74
Decliners 34
Value turnover PhP 2.274 bn
Cross and Block transactions PhP 740 mn
Sectoral Indices
Financial +0.90%
Services +0.84%
M-O +0.68%
Industrials +0.38%
Holdings -0.37%
Property -0.06%
Market is still in a wide consolidation between the 3,200 to 3,300 levels and would be looking for new leads to set the trend for next week's trading.
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