Manila: The local stock market shed on profit-taking after a three-day rally Tuesday, while the peso closed sideways against the greenback. The Philippine Stock Exchange index (PSEi) declined by 0.34 percent to 6,284.68, while All Shares inched up by 0.007 percent to 3,723.09 points.

According to Philippines News Agency, Philippine shares gave up some gains after recent trading in the green, driven by tariff uncertainties and weak consumer confidence. Retail sales rose by 0.2 percent, which was below forecasts, as noted by Regina Capital Development Corp. head of sales Luis Limlingan, referring to developments in the US. US retail sales saw a slight increase of 0.2 percent in February from a downwardly revised 1.2 percent drop in the previous month.

The consumer sentiment index also showed a decline, dropping from 64.7 in February to 57.9 this month, marking the lowest point since November 2022. With these developments, most counters in the local bourse ended in the red, except for Mining and Oil and Property, which gained by 2.64 percent and 0.66 percent, respectively. The Services index experienced the biggest loss, down by 0.68 percent, followed by Financials at 0.41 percent, Industrial at 0.23 percent, and Holding Firms at 0.21 percent.

Overall, gainers outnumbered losers at 100 to 92, while 44 counters maintained their shares. Meanwhile, the peso remained relatively stable, ending the day at 57.295 against the US dollar, slightly down from its 57.30 close on Monday. It had opened the day at 57.21, trading within a range of 57.20 to 57.36, and averaged 57.29. The volume of trade saw an increase to USD1.11 billion from the previous day's USD1.02 billion.