After surpassing the 6,100-point level during the morning session on Tuesday, the local stock market index retreated during the end of trading and consolidated.

In a telephone interview, Harry Liu, president of the Summit Securities Inc., said that the correction was caused by the consolidation that occurred hours before trading ended.

“The market slightly corrected after opening the afternoon session with a new intra-day record because of consolidation,” he said.

Liu also said that profit-taking should take place in order for the market to remain strong.

“For this week, we should see some correction before the end of the week and then for next week, we should already see the market going to an upward trend,” he said.

The ascent of the Philippine Stock Exchange index (PSEi) was snapped yesterday, falling 0.10 percent, or 6.23 points to 6,087.67, while the broader all-shares index shed 0.03 percent, or 1.04 points to 3,836.10.

The PSEi, however, registered a new intra-day peak at 6,140.72.

The results for the sub-indices were mixed, with financials leading the decliners, going down by 1.08 percent, or 17.30 points to 1,581.80.

Holding firms also declined by 0.30 percent, or 16.01 points to 5,389.43, while industrial slipped 0.18 percent, or 16.63 points to 5,389.43.

Property, however, still managed to stay in the green, rising 1.17 percent, or 27.87 points to 2,409.22, followed by mining and oil, which inched up 1.02 percent, or 216.11 points to 21,491.30. Services edged positively by 0.33 percent, or 6.03 points to 1,815.61.

Losers outnumbered advancers, 97 to 73, while 45 shares were unchanged.

On Monday, the PSEi ended in the green, going upward by 0.70 percent, or 42.15 points to 6,093.90, while the broader all-shares index went up by 0.53 percent, or 20.09 points to 3,837.14.

Jun Calaycay of Accord Capital Equities Corp. said that selling pressures rose as the index broke through 6,100 at Monday’s morning session, and even if the index managed to set a new intra-day record, profit takers failed to do the same as the market closed.

“Overall, we can attribute this advance more to the lack of negative news than the presence of fresh positives,” he said.