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MARKET COMMENT : Philippine Shares May Decline; 6600 Support Eyed

02/21/2013 | 08:40pm US/Eastern

0124 GMT [Dow Jones] Philippine shares may retreat as some investors take profit following the market's rally to a fresh record high and decline of U.S. stocks Thursday. The main gauge PSEi may head towards 6600 support after advancing 0.3% to record 6667.41 Thursday. Still, improving global growth prospects could limit the market's correction, says Jun Calaycay, a trader with Accord Capital Equities. "Over the recent weeks, global markets have been served a menu of positive leads from the hard numbers of the real economy to those showing levels of consumer, business and investor behavior, perception and preferences. This has resulted in extended runs in equity prices," says Calaycay. Next resistance is tipped at 6700. (rhea.sandique-carlos@dowjones.com)

 
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