First time in 2013: PSEi closes in the red
MANILA, Philippines (3rd UPDATE) - After 6 consecutive record-breaking streak in the first 6 trading days of 2013, the composite index of the Philippine Stock Exchange (PSE) took a breather on Thursday, January 10.
The PSEi dropped 72.61 points or 1.19% to settle at 6,018.57, the first time in the new year the index ended in the red.
In previous days, the PSEi and intra-day trades breached previous ceilings, inching closer to 6,100.
However, it hit an intraday peak at 6,098.14, a new record.
All counters were also in the red, marking a correction and profit-taking moves by market players, and reflecting how the euphoria over the last-minute "fiscal cliff" deal in Washington last week faded.
Recent all-time highs have led to concerns the Philippine market has become expensive and contributing to the rise of the peso, which adversely affected outsourcing firms, exporters, and overseas Filipino workers.
. - Rappler.com