MANILA — The Philippine Stock Exchange index (PSEi) fell slightly on Tuesday as investors took profits, while the peso strengthened against the U.S. dollar.

The PSEi dipped 0.04 percent to 6,055.68 points, and the broader All Shares index declined 0.10 percent to 3,452.26 points.

Most sectoral indices ended lower, with Services down 1.84 percent, Mining and Oil 1.57 percent, Holding Firms 0.25 percent, and Industrial 0.22 percent. Financials and Property rose 1.65 percent and 0.75 percent, respectively.

“Sentiment was weighed down by recent reports pointing to a softer growth outlook. Concerns over slower remittance growth also added pressure to the market,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

The peso, meanwhile, closed at 58.72 against the U.S. dollar, recovering from Monday’s 59.04 close. It opened at 58.93, traded between 58.96 and 58.71, and averaged 58.88 for the day. Trading volume reached USD1.46 billion, higher than Monday’s USD911.5 million.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the peso’s strength to falling global oil prices, which are expected to reduce import costs and the trade deficit, and the seasonal increase in remittances from overseas Filipinos during the Christmas season. He also cited market expectations of further cuts in the Bangko Sentral ng Pilipinas’ key rates as supportive of the currency. (PSA)