Manila: The local stock barometer snapped its climb as investors decided to take profits but the peso regained its footing against the U.S. dollar. The Philippine Stock Exchange index (PSEi) slipped by 0.04 percent to 6,055.68 points, and the broader All Shares by 0.10 percent to 3,452.26 points.

According to Philippines News Agency, most of the sectoral indices also ended in the negative territory, with Services declining by 1.84 percent; Mining and Oil, 1.57 percent; Holding Firms, 0.25 percent; and Industrial, 0.22 percent. Financials and Property, meanwhile, rose by 1.65 percent and 0.75 percent, respectively.

Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, noted in a report that sentiment was weighed down by recent reports pointing to a softer growth outlook. Concerns over slower remittance growth also added pressure to the market.

On the currency front, the local currency ended the day at 58.72, improving from its 59.04 close against the U.S. dollar on Monday. The peso showed strength early on, opening the day's trade at 58.93 compared to the previous day's 59.15. It traded between 58.96 and 58.71, with the day's average settling at 58.88. Trading volume reached USD1.46 billion, surpassing the previous session's USD911.5 million.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the peso's strength to the easing of global oil prices to new five-year lows, which is expected to reduce the country's import costs and lower the trade deficit. Additionally, the seasonal uptick of remittances from overseas Filipinos during the Christmas season contributed to the peso's rise. Anticipation of further cuts in the Bangko Sentral ng Pilipinas' (BSP) key rates also supported the local currency.