Local shares declined on Tuesday after a three-day rally, while the Philippine peso slightly improved.
The Philippine Stock Exchange index (PSEi) closed 1.20 percent lower at 6,545.38, while All Shares also declined by 1.14 percent to 3,750.69 points.
Philstock Financials research manager Japhet Tantiangco said profit-taking slashed the local bourse.
“Investors also digested the December 2024 inflation figure of 2.9 percent, faster than the preceding month’s 2.5 percent. This was also biased towards the upper end of the BSP’s (Bangko Sentral ng Pilipinas) 2.3 (percent) to 3.1 percent range forecast,” Tantiangco added.
Among sectoral indices, only Mining and Oil closed in the green territory, gaining by 0.30 percent with 7,731.41 points.
The biggest losses came from Services, down by 1.88 percent to 2,123.19 points; followed by Property, down by 1.67 percent to 2,360.00; Financials, down by 0.80 percent to 2,208.71; Industrial, down by 0.62 percent to 9,255.16; and Holding Firms, down by 0.50 percent to 5,620.10 points.
Losers led winners at 124 to 96, with 39 counters left unchanged.
Meanwhile, the peso slightly gained strength on Tuesday’s trading by 0.08, closing at 58.19 to the US dollar from its 58.27 close the previous day.
The peso opened at 58.15 to the dollar before trading between a low of 58.02 and a high of 58.19.
The average level for the day stood at 58.10 to the greenback.
Trade volume rose to USD1.87 billion from USD1.74 billion on Monday.*PNA
