THE peso reclaimed some ground but remained mired in P58:$1 territory on Tuesday, while the stock market fell for a second straight day to again near the 6,300 support level.

The currency, which hit an over 19-month low of P58.79 a day earlier, strengthened by 11 centavos to P58.68 against the greenback.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso rose after latest trade data showed that exports and imports had rebounded in April after contracting a month earlier.

It opened trading at P58.74:$1 and ranged from P58.66 to P58.745. Volume reached P1.050 billion, surging from Monday's P605 million.

The benchmark Philippine Stock Exchange index, meanwhile, shed 48.57 points, or 0.75 percent, to end the day at 6,410.07.

The broader All Shares fell 0.50 percent, or 17.19 points, to 3,450.05.

Philstocks Financial Inc. research and engagement officer Mikhael Plopenio said the PSEi fell as "investors digested the International Monetary Fund's (IMF) downward revision of its projection for the Philippines' economic growth for this year ...."

"The IMF's new forecast was at 6.0 percent, lower than its 6.2 percent previous forecast," he noted.

Meanwhile, Regina Capital Development Corp. Managing Director Luis Limlingan said that "the local bourse logged its third consecutive day of decline as investors locked in their gains ahead of the conclusion of the Fed policy [meeting] and the latest US CPI (consumer price index) reading."

All sectors closed in the red, with services down the most by 1.79 percent.

Decliners edged out gainers, 99 to 82, while 43 were unchanged.

Philippine financial markets will be closed today in observance of Independence Day.