The benchmark Philippine Stock Exchange Index (PSEi) saw a pullback on Wednesday as it approached the top of a narrow range identified by technical indicators.
By the closing bell, the PSEi sank 0.79 percent, or 54.74 points, to 6,901.91 while the broader all-shares index dropped 0.42 percent, or 17.79 points, to 4,244.58.
With the lack of major news, analysts were watching whether the PSEi would again breach the psychological 7,000 barrier.
BDO Unibank Inc. chief strategist Jonathan Ravelas noted that, earlier in the session, the benchmark measure’s level already indicated a “near-term top” at last week’s high of 7,001.21, and thus proving to be a headwind against any advance.
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Keep on reading: 7,000 proving to be a big roadblock for an uninspired PSEi