The Philippine Stock Exchange index (PSEi) was down 69.95 points to 7,108.67, a 0.97 percent drop.
The broader all shares index was down 25.71 points to 4,225.55, 0.6 percent drop.
Losers edged gainer 134 to 101 with 40 stocks unchanged. Trading turnover reached P12.95 billion.
The peso closed at 48.196 to the dollar, up from 48.205 on Monday. It opened at 48.24, an intraday low and hit a high of 48.14. Trading turnover reached $747.75 million.
SB Equities Inc. said investors opted to take profit after the market posted a nine-month high in the previous session.
“Continued enthusiasm over vaccine developments and emerging speculation that quarantine restrictions may be relaxed further by month-end led the local bourse to rise by as much as +0.69 percent early in the session, but a broad sell-off saw it plunge,” it said.
Foreign funds were net sellers of P621.19 million.
Reuters reported the news the Philippines is close to concluding talks with Britain’s AstraZeneca for the supply of at least 20 million doses of its COVID-19 vaccine did little to cheer investors.
“The market (is) taking a breather after enjoying quite a run in the past few days… Tuesday is just seeing some profit taking in index heavyweights,” said Nicholas Mapa, senior economist at Dutch bank ING, said in a Reuters interview.
“On the vaccine front, the Philippines is just now in talks with drug companies for a vaccine while regional peers have secured their doses, which could delay roll out and mass vaccination for the country with the second highest case count in the region”, he added.
Most currencies in the region remained subdued as the US dollar bounced off an almost three-month low after data showed US business activity expanded at the fastest rate in more than five years in November.
The Thai baht, Malaysian ringgit and Indonesian rupiah all edged lower by 0340 GMT.
Most actively traded Global Ferronickel Inc., was up P0.16 to P2.05. BDO Unibank Inc. was up P1.50 to P108.90. Bank of the Philipine Islands was down P1.10 to P87.50. AC Energy Philippines Inc. was up P0.21 to P6.60. SM Prime Holdings Inc. was down P0.05 to P38.50.
Ayala Land Inc. was up P0.30 to P39. Metropolitan Bank and Trust Co. was down P0.90 to P48.50. Robinsons Land Corp. was up P0.30 to P18. Security Bank Corp. was down P0.50 to P122. GT Capital Holdings Corp. was down P21 to P589.