Peso Rises, Stocks Fall as Investors Take Profits

The peso closed higher on Tuesday, ending a string of declines that marked the start of 2025, but the stock market also snapped a three-day gain as investors chose to take profits.The currency strengthened by eight and a half centavos to P58.185 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 79.79 points, or 1.20 percent, to end the day at 6,545.38.The broader All Shares dropped 43.34 points, or 1.14 percent, to 3,750.69.The peso opened at P58.

15:$1 and ranged from P58.02 to P58.185. Volume rose to P1.869 billion from P1.740 billion.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso appreciated amid less dovish signals from monetary authorities after the latest inflation data.Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said 'the local market fell this Tuesday as investors took profits after a three-day rally.''Investors also digested the December 2024 inflation figure of 2.9 percent, faster than the preceding month's 2.5 percent,' he added, noting that it was biased towards the upper end of the Bangko Sentral ng Pilipinas' 2.3- to 3.1-percent estimate.Tantiangco described the day's trading as 'tepid' with net value turnover at P4.31 billion.'Foreign transactions posted net outflows amounting to P894.32 million, adding to the decline,' he added.Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said 'Philippine shares succumbed to profit-taking following the release of the local December CPI (consumer price index), which came slightly higher than street estimates, while sentiment was pulled down by the tepid performance of the US.'All but one of the sector indices closed in the red, with services down the most by 1.88 percent. Mining and oil was the sole gainer, up by 0.30 percent.On a company basis, decliners outnumbered gainers, 124 to 96, while 39 were unchanged

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