MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) pulled back yesterday after soaring to a record high on Tuesday.
The stock market barometer closed at 8,920.20, down 3.43 points or 0.03 percent. On the other hand, the broader All Shares index gained 5.54 points or 0.10 percent to finish at 5,144.17.
The sectoral indexes, however, were a mixed bag with the mining and oil, services, financials and industrial indexes closing in positive territory.
Total value turnover reached P6.53 billion. Advancing stocks numbered 105 while there were 104 decliners. Fifty three issues were left unchanged.
Analysts said yesterday’s correction was expected.
RCBC Securities said that as a result of the market’s surprising spike on Tuesday, some investors likely chased prices again.
RCBC Securities said the benchmark index may soar past the 9,000 level earlier than expected.
“After the break-out above 8,605 on January 3, the market’s target appeared to be 9,159 over a period of three months. However, considering the market’s recent strength, this may well be reached before month-end,” it said.