Manila: The Philippine Stock Exchange index (PSEi) and the peso reversed course Wednesday after Tuesday's gains. The PSEi slipped 0.48 percent to 5,989.56, while the All Shares index declined 0.34 percent to 3,376.12. Most sectoral indices fell, led by Holding Firms, 1.04 percent, followed by Financials, 0.92 percent; Industrial, 0.86 percent; Mining and Oil, 0.57 percent; and Property, 0.22 percent. Only Services rose, up 0.56 percent.

According to Philippines News Agency, volume reached 2.86 billion shares worth PHP5.96 billion. Decliners outnumbered advancers, 105 to 83, with 66 unchanged. "The Philippine market retreated from early gains as investors turned cautious ahead of the BSP (Bangko Sentral ng Pilipinas) policy meeting tomorrow. Trading sentiment remained guarded, with participants opting to stay on the sidelines pending clearer policy direction," Luis Limlingan, Regina Capital Development Corporation head of sales, said.

The peso weakened to 60.13 per dollar from 59.93 on Tuesday. It opened at 60.05, traded between 60.05 and 60.17, and averaged 60.10. Forex volume rose to USD1.61 billion from USD1.48 billion.