By the closing bell, it fell 1.92 percent, or 117.87 points, to 6,037.12, while the broader All Shares index shed 1.27 percent, or 46.37 points, to 3,617.27.
The sell-down was led by large-cap stocks such as BDO Unibank (-2.24 percent), International Container Terminal Services (-2.68 percent), Bank of the Philippine Islands (-1.98 percent), Metropolitan Bank & Trust Co. (-4.38 percent), and Ayala Land Inc. (-2 percent).
Watch the recent low
COL Financial Group chief technical analyst Juanis Barredo, who earlier predicted the pullback, said investors should watch key support zones to confirm if the PSEi can regain momentum for a recovery.
“Now, we run a support retest scenario, which means that the reaction may try to slide back to where it’s come from (5,863 potentially) but I am hoping we see a higher low,” he said.
A higher low means the market stays above the previous low, suggesting buying support and strength.
“The [recent] rally was on the mark, but not stronger, so that means that it may need more wind-up time to try to base,” Barredo explained.
He said the PSEi could consolidate between 5,863 and 6,282 before breaking out to 6,430, or even up to 6,600. However, this outlook would be deemed invalid if the PSEi establishes a lower low.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
