The PSEi drops 3.9% in the second biggest single day decline for 2008. From its last peak of 3,300 in early Feb-2008, the index has fallen by around 500pts which is roughly 15%. If and when the near term measured move to 2,700 thereabouts is attained, it will not be unreasonable to expect a correction rally to anywhere between the 2,850 and 3,000 levels. The primary price objective remains at 2,200. The next historical support is at 2,000. Cumulative net foreign selling set a new YTD high today.
PRICE AND TURNOVER
Close: 2,793.68 * Change: -112.85(-3.88%) * Value: 2,020,253,000
MARKET BREADTH
AdvDec issues: -113 * UpDown volume: -439,351,410 * NFB: -136,113,968
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend
Support: 2,000 * Resistance: 3,300 * Near term TP: 2,700 * Major TP: 2,200
PRICE AND TURNOVER
Close: 2,793.68 * Change: -112.85(-3.88%) * Value: 2,020,253,000
MARKET BREADTH
AdvDec issues: -113 * UpDown volume: -439,351,410 * NFB: -136,113,968
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend
Support: 2,000 * Resistance: 3,300 * Near term TP: 2,700 * Major TP: 2,200
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