Gross International Reserves (GIR) at record high

Gross International Reserves

The country's gross international reserves hit $23.76 bn in January, rising by $ 790 mn from December and $ 2 bn more than the recorded level for the same period last year.
This end-January GIR level could cover about 4.6 months of imports of goods and payments of reserves and income.


Peso vs $

The peso also hit its highest level in nearly six years. It went to a high of PhP 48.355 to the dollar before closing at PhP 48.365

source / reference : The Philippine Star; Business pages February 8, 2007



The day's market - February 8 , 2007

The PSEi closed previously at 3232.39 and was seen to consolidate as a correction has set in. The market tried to bounce back from the previous days' losses very early in the trading day and was even up by about 5 points at one point. Selling momentum built up from the previous days immediately dragged the market lower towards the 3200 support level.

time-------------up / down-------------PSEi------------PhP vs $----------PhP volume

9:39----------------------------------------------------------48.433-----------84.00mn
10:12---------------------------------------------------------48.433----------138.00mn
10:45------------down 24.81------------3207.58
11:15------------down 21.55------------3210.84
11:19----------------------------------------------------------48.437----------287.00mn

peso slightly weaker against the dollar

11:20------------down 25.80------------3206.59
11:32------------down 34.60------------3197.79

market broke down the 3200 support and drop accelerates

11:43------------down 40.98-----------3191.41

the days low was at 3190.74. the market tries to stay near the 3,200 level

11:58-------------down 38.34----------3194.15
12:00------------down 36.31-----------3196.08

The market has gone down about a hundred points in just three days (on Feb 6 - tuesday, it hit an intraday high of 3,308.58.). The support now is at 3,155 to 3170 level and seems to be the likely target.

But as the market ended just a tad below the 3200 level, it may try to hover around and try to attempt to rebound above. Bargain hunters may step in as they see some picks. Also, activity is seen in the second and third liners and this will keep investors buoyant

The drop in the market is still a healthy correction and these dips can be seen as buying windows. The PSEi right now needs to retrace after going up nearly 10% year since end-December 2006.