The peso marginally rose but the stock market slipped on Monday with investors said to be waiting for the release of Philippine growth data and results of a US Federal Reserve policy meeting.

The currency strengthened by two centavos to P56.27 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 55.41 points, or 0.83 percent, to start the week at 6,630.68.

The broader All Shares index also declined, ending 0.6 percent, or 20.9 points, lower at 3,487.71.

The peso opened trading at P56.4:$1 and ranged from P56.26 to P56.54. Volume reached P1.167 billion, down from Friday's P1.375 billion.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso gained as the dollar corrected lower against major currencies.

Philstocks Financial Inc. research associate Claire Alviar, meanwhile, said investors took the opportunity to take some gains from last week's rally while awaiting the release of fourth quarter and full-year 2023 gross domestic product figures on Wednesday.

"The sentiment was further dampened by the statement of the BSP (Bangko Sentral ng Pilipinas), saying that strong economic growth would give them more room to tighten their policies," she added.

Luis Limlingan, managing director at Regina Capital Development Corp., said the market fell as "funds began to reposition ahead of the month-end window dressing and the release of the PSEi rebalancing results."

Market participation was weak, resulting in a value turnover of P3.85 billion.

All sector indices closed in red territory, with mining and oil posting the biggest loss of 1.32 percent.

Decliners outnumbered advancers, 103 against 64, while 61 were unchanged.