The benchmark Philippine Stock Exchange index (PSEi), slipped to 6,498.88, down by 55.16 points or 0.84 percent while the broader All Shares index fell 15.73 points or 0.45 percent to 3,450.24.

All the other gauges were down as well with financials and services among the biggest decliners.

Total value turnover was thin at P3.1 billion. Market breadth was positive, 74 to 71 while 49 issues were unchanged.

Michael Ricafort of Yuchengco-owned Rizal Commercial Banking Corp. said investors opted to take profits from the previous day's rally.

'The markets priced in nearly -1.50 Fed rate cuts for 2024; priced in the earliest Fed rate cut by March 2023 or May 2024; and increased tensions recently at the Red Sea between the US and Houthi rebels/Iran,' Ricafort also said.

Other markets in Asia likewise dropped yesterday after Wall Street started 2024 with a slump, giving back some of its powerful gains from last year.

The Dow Jones Industrial Average edged up 0.1 percent to 37,715.04, and the Nasdaq composite led the market lower with a 1.6 percent drop to 14,765.94.

Like stocks, Treasury yields in the bond market also regressed a bit on Tuesday following their big moves since autumn. The yield on the 10-year Treasury rose to 3.94 percent from 3.87 percent late Friday.

More high-profile reports on the economy will arrive later this week. The Federal Reserve is set to release the minutes from its last policy meeting, one that sparked hopes for a series of rate cuts coming this year.

Another report will show how many job openings US employers were advertising at the end of November, data that the Federal Reserve follows closely. Friday will bring the US government's monthly tally of job growth across the country.

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