While there was profit taking in the stock market on Tuesday, the index still managed to eclipse its previous close and set a new record.

“Expect some resistance and profit-taking for the short term, but it is just a natural cause since the market keeps on going up,” Harry Liu, president of Summit Securities Inc., said in a phone interview.

He also said that in the next few days, “we should still see ups and downs” within the market.

“Profit-taking will set the tone,” Liu added.

On Tuesday, the Philippine Stock Exchange index (PSEi) extended its record-run but added less than four points from Monday’s close, climbing 0.07 percent, or 3.99 points to 6,048.90.

During the morning session, however, the index soared high, closing at 6.055.42, which is an intra-day record. From then on, profit takers started to cash in on their gains.

Freya Natividad, analyst at 2TradeAsia.com, said that the intra-day correction was caused by investors taking directions from Wall Street’s overnight correction.

“Specifically, Dow Jones went down 50 points,” she said.

“I think with the recent correction, although flat, most [investors] would still retest the 6,044 mark or the previous high, although rallies might still be slight,” Natividad added.

Meanwhile, the broader all-shares index advanced towards the end of the day, increasing 0.05 percent, or 1.94 points to 3,813.65.

The result for the sub-indices was somewhat mixed, as some succumbed to correction.

Property fell 0.78 percent, or 18.73 points to 2,366.10, while services went down 0.28 percent, or 4.99 points to 1,786.71. Financials was flat with a gain of 0.03 percent, or 0.42 points to 1,576.53.

Mining and oil, however, remained positive, improving 1.06 percent, or 216.31 points to 20,612.75, followed by industrial counter, which rose 0.49 percent, or 44.62 points to 9,148.60. Holding firms went up 0.47 percent, or 25.35 points to 5,408.71.

Gainers slightly beat losers, 85 to 78, while 46 shares were unchanged.

On Monday, the PSEi rose 73.46 points to 6044.71 as investors joined in cheering another encouraging economic data out of the US—Friday’s jobs and manufacturing reports.

“The bulls are clearly in control. This may be the understatement of a four-day old trading year given the result—four-record closes in as many days. Last year, the PSEi broke the record in the number of records set—39. The optimism that cuts through across-the-board has yet to meet a meaningful challenge as all news has thus far been positively biased,” Jun Calaycay, analyst at Accord Capital Equities Corp., said.

He said that at Monday’s close of 6044.91, the index is up 232.18 points or 4 percent, which is marginally better than the 146.95 points, 3.36 percent rise over the first four sessions of 2012.

“Even value turnover-wise, the first four days’ total of P27.979 billion is 50 percent more than the same period total last year. This, in any language, is steep,” he added.