Stock market down due to profit-taking, US retail sales below expectations

The Philippine stock market declined on Tuesday due to profit-taking after a three-day rally, with the PSEi dropping by 0.34 percent to 6,284.68 points and retail sales in the US rising below forecasts, affecting consumer sentiment.

Retail sales in the US increased by 0.2 percent in February but fell short of expectations, leading to a decline in consumer confidence and performance across most sectors of the local market.

Mining and Oil and Property were exceptions, gaining 2.64 percent and 0.66 percent respectively, while other counters lost ground with Services, Financials, Industrial, and Holding Firms experiencing declines.

The peso remained stable at 57.295 against the US dollar, with trade volume increasing to USD1.11 billion from the previous day's USD1.02 billion.