The stock market briefly touched the 8,600 level on Friday, a day after closing in 8,500 territory for the first time, but succumbed to profit-taking to close well below historic highs.
The bellwether Philippine Stock Exchange index hit a new all-time intraday high of 8,605.15, looking to eclipse Thursday’s record close of 8,516.02, but then shed 139.89 points or 1.64 percent to end the day at 8,376.13.
The wider All Shares dropped 1.17 percent or 58.07 points to settle at 4,898.90.
“Philippine shares closed in the red after trading in record-breaking territory, which was above 8,600,” online brokerage firm Regina Capital Development Corp. said in a market note.
Summit Securities, Inc. President Harry Liu described the drop as a natural process when indices hit new highs.
“Right now we are going through a short to medium upward consolidation. It will correct muna (for the moment) but the fundamentals — nothing changed,” he added.
Eagle Equities, Inc. research head Chris Mangun said the performance of the market was “a healthy pullback to support levels after reaching a new historic highs.”
“Next week it may continue lower to 8,300 to fill a trading gap,” he added.
Nearly all sectoral indices were in the red except mining and oil, which gained 0.60 percent.
Over 1 billion issues valued at P9.79 billion were traded.
Losers led winners, 108 to 77, while 58 issues were unchanged.