PH stocks fall after resistance met at 6800

Philippine shares dropped on Tuesday as the market benchmark hit resistance at 6,800 points.

“Today, we saw the Philippine market react again to the overhang of expensive valuations and recent developments in our local economy…. What’s positive about the consolidation is that it sees continual support when it nears the 6,750 support, indicating a good chunk of investors believe that prices at these levels are of fair value. Beyond that, the market is waiting for more concrete catalysts to adjust valuations,” DA Market Securities Inc. equity analyst Gab Aguila said.