THE BOURSE and all sectoral indices pulled back across-the -board yesterday as investors cashed in on recent record highs.

The Philippine Stock Exchange index (PSEi) slid 66.01 points or 0.77% to close 8,431.73, while the broader all-shares index declined by 34.07 points or 0.68% to finish 4,924.46.

All six sectoral indices ended the day in red and foreign investors turned net sellers.

But the PSEi showed that impetus remained, again breaking through the 8,500 mark amid trading for the second straight day, opening 8,537.66, peaking at 8,548.58 and hitting a low of 8,332.30. Tuesday, which had seen 2017’s 10th record high of a 8,497.74 finish, had seen PSEi peak at 8,586.73 in the middle of trading.

The PSEi yesterday was also still 23.26% up year to date.

“A long-overdue correction finally came, just right after the PSEi closed in an unprecedented all-time high,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said.

Summit Securities, Inc. President Harry G. Liu in a telephone interview attributed yesterday’s fall to “just purely technical… behavior,” adding that there was “[n]o[thing] negative that will make the market go down.”

“All fundamentals are still in place.”

Peaks since September had been attributed to optimism over looming enactment of the first of up to five tax reform packages designed to help finance an ambitious P8.44-trillion public infrastructure development program, as well as record highs in other Asian bourses and on Wall Street.

Locally, mining and oil plunged by 430.06 points or 3.17% to close at 13,117.66, holding firms slumped by 111.03 points or 1.26% to 8,666.37, financials fell by 13.58 points or 0.65% to 2,057.78, property gave up 23.02 points or 0.58% to 3,931.31, services dropped 7.01 points or 0.41% to 1,700.37, while the industrial index slipped by 17.59 points or 0.16% to 10,959.78.

Stocks that declined outnumbered those that gained 138 to 72  while 35 issues were unchanged.

Trading volume thinned to 1.36 billion stocks worth P9.26 billion from Tuesday’s 1.80 billion shares worth P11.76 billion

Wednesday ended three straight trading days of net foreign buying, finishing with P650.97 million in net sales.

The list of Wednesday’s 20 most actively traded stocks showed only three that gained: PLDT, Inc.; BDO Unibank, Inc. and Jollibee Foods Corp. that increased by 2.04% to P1,700 apiece, 0.91% to P144.80 and 0.41% to P246, respectively.

Those that lost were led by Semirara Mining and Power Corp.; Bloomberry Resorts Corp.; Alliance Global Group, Inc.;  Metropolitan Bank & Trust Co. and Robinsons Retail Holdings, Inc. that gave up 4.02% to P41.75 each, 3.81% to P10.10, 3.06% to P15.86, 2.5% to P89.70 and 2.16% to P95.30, respectively. — Janina C. Lim