MANILA, Philippines - Shares plunged by more than a hundred points during Thursday morning trade, which an analyst said was a much-needed market correction.

The Philippine Stock Exchange index declined 1.51% or 102.28 points to 6,674.28 as of noon, while the broader all-shares index went down 1.04% or 43.72 points to 4,170.35.

The main index lost nearly 130 points in early trade. All sub-indices were in the red, with the services sector booking the biggest loss at 2.32%.

Jomar Lacson, head of research at Campos Lanuza Inc., said the current market state is only a part of a cycle of correction and consolidation.

"We still maintain a positive view of the market. This is just part of a market cycle of correction. I'm actually hoping this correction period would last longer," Lacson said in a telephone interview.

The main index has been in the red for the past three trading days after almost hitting a new peak at 6,833.77 on March 8.

Shares of Philippine Long Distance Telephone Co., which fell 3.98%, and Bank of the Philippine Islands, which dropped 3.39%, weighed down the PSEi early Thursday.

Alliance Global Group, Inc. (-2.95%) and Manila Water Company, Inc. (-2.5%) also booked losses during morning trade.