Shares on the Philippine Stock Exchange managed to overcome an onslaught of profit-taking Tuesday as buyers prevailed in the end to lift the PSEi to its fifth successive record high for the year.
The PSEi advanced by a mere 3.99 points to 6,048.90 from 6,044.91 on Monday – the first time ever for the main index to reach the 6,000 level.
The all-shares index was also up by 0.05 percent to 3,813.65 despite a mixed performance among the subindices.
Gainers edged up on losers 85 to 18, while 46 stocks were unchanged.
Some 2.47 billion shares were traded at P7.47 billion.
Tuesday's close was the fifth consecutive record high notched by PSEi since trading resumed last Wednesday, Jan. 02, after the New Year holiday break. The market posted 38 all-time highs last year.
The PSEi traced a roller-coaster pattern since the market opened, indicating the strong presence of investors cashing in on their gains.
"It was a race between the bulls and the bears, but the buyers eventually won today," said Astro del Castillo, First Grade Finance Inc. managing director.
For Asiasec Equities Inc. market strategist Manny Cruz, "There was heavy profit-taking in some stocks that were in the upswing previously, but this was outdone by heavy buying on select stocks."
Both analysts noted the heavy selling may indicate that a correction is in the offing. "The market is really poised for a correction," said Del Castillo.
Noting that the likelihood of a "healthy pullback," Cruz said, "The market is driven by the power of the local economy. It will just take a breather but it has enough power to surge higher in the coming months."
PSEi's important support levels are at 5,980 and and 5,860. — VS, GMA News
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