The Philippine Stock Exchange index (PSEi) briefly dipped to the 8,700 level on Thursday but recovered somewhat to close at 8,813.27, down 1.20 percent or 107.04 points.
The broader All Shares, meanwhile, dropped 0.83 percent or 42.76 points to finish at 5,101.41.
“I think that would just be indicative of an early correction,” Philstocks Financial, Inc. research head Justino Calaycay Jr. said, following Wednesday’s fresh all-time high of 8,923.72.
“We’ve been up of over 5 percent so I think that’s natural, people who have respectable margins or profits over that very short time would tend to cash in,” he added.
The same view was shared by BDO Capital and Investments Corp. President Ed Francisco, who said investors were taking profits after the index skyrocketed at the start of the year.
The mining and oil sector was the sole gainer on Thursday, adding 0.29 percent while all sub-indices slipped.
Over 919 million issues valued at P7.7 billion were traded.
Losers outnumbered winners, 120 to 88, while 54 issues were unchanged.