MARKET COMMENT: Philippine Shares May Retreat; 6600 Support Eyed

By Dow Jones Business News,  February 25, 2013, 08:47:00 PM EDT


0132 GMT [Dow Jones] Philippine shares may retreat as some investors may take profit following the market's ascent to a record high, and as U.S. stocks declined sharply overnight Monday amid renewed concerns over Europe's debt situation. The benchmark PSEi may head towards 6600 support after advancing 0.8% to a record close of 6721.33 Monday. " Prudence dictates putting a higher premium on managing the potential pricing and valuations risk against the temptation to ride the momentum for at least short-term gains," says Jun Calaycay, a trader with Accord Capital Equities. Next resistance is tipped at 6800. (rhea.sandique-carlos@dowjones.com)

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  (END) Dow Jones Newswires
  02-25-132047ET
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