The local stock barometer slipped back below the 6,800 barrier on Thursday as investors pocketed gains from recent rallies.
The Philippine Stock Exchange index (PSEi) shed 49.82 points, or 0.73 percent, to close at 6,791.87, while regional markets traded with mixed sentiment.
After the rally that allowed the main index to breach the 6,800 resistance level earlier this week, Papa Securities said the PSEi could already be overheating.
Papa Securities noted technical reading based on relative strength index had hit overbought levels and volume had been declining relative to the previous days.
As such, the local stock brokerage noted it was wise to take some near-term profits.
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Keep on reading: PSEi backtracks as investors take profits