China Bank Securities research director Rastine Mackie Mercado said the lack of major catalysts could push investors to cash in their recent gains.“We still think that the market is due for a pullback as hefty accumulated gains made over the past six weeks may prompt wider profit-taking,” he said.
On Friday alone, the benchmark PSEi increased by 1.17 percent, or 76.43 points, to close at 6,606.94 while the broader All Shares index inched up 0.89 percent, or 30.40 points, to sit at 3,452.44 by the closing bell.
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