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MANILA, Philippines—The local stocks index struck new record highs on Tuesday but succumbed to profit-taking at close as valuation jitters crept in.
The main-share Philippine Stock Exchange index closed 6.23 points, or 0.1 percent, lower at 6,087.67 on Tuesday. It hit as high as 6,140.72, a new all-time intraday peak, before pulling back to a negative finish.
Sentiment was mixed across counters, with the financial index weighing down the index the most. On the other hand, gains by the mining/oil and property tempered the correction.
Investors pocketed gains from large-cap stocks like Ayala Corp., Jollibee, BPI, AGI while Metrobank and BDO also ended lower.
On the other hand, the decline was tempered by the gains of ALI, PLDT, SMIC, MPI and Philex.
Outside of index stocks, GTCAP, FPH, Security Bank and Atlas gained in heavy trade.
Value turnover amounted to P9 billion. There were 73 advancers, which were edged out by 97 decliners, while 45 stocks were unchanged.