PH stocks dips after touching new record high 6,500

MANILA, Philippines–Local stocks started the first trading day of the Year of the Water Snake with a bang, allowing the main index to touch 6,500 for the first time, before retreating at close.

The main-share Philippine Stock Exchange index ended 0.66 points or 0.01 percent lower at 6,458.01 after hitting a new record intra-day peak of 6,500.08.

“Now, we cannot discount the fact that the market may either pause or do a slight pullback, say close to 6,200 (- 4.6 percent) or a bear-case scenario close to psychological support at 6,000 (- 7.7 percent),” said DA Market Securities in its research note issued on Monday.

The PSEi has risen by three times since bottoming out in 2008 during the US-epicentered global financial crisis.

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