THE peso regained more ground on Tuesday, but the stock market closed flat after looking set for a rebound earlier in the day.

The currency strengthened by nine centavos to P57.81 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 1.49 points, or 0.02 percent, to 6,433.24.

The broader All Shares index added 4.47 points, or 0.13 percent, and ended the day at 3,520.94.

The peso opened at P57.96 to the greenback and ranged from P57.8 to P58.02. Volume fell to P1.214 billion from P1.762 billion a day earlier.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso appreciated after the dollar weakened against major global currencies and as crude oil prices fell.

Philstocks Financial Inc. research and engagement officer Mikhail Plopenio, meanwhile, said a "surge of last-minute profit-taking pushed the market into negative territory."

"Negative cues from Wall Street overnight clouded investors while the BSP (Bangko Sentral ng Pilipinas) governor's statement that it (the central bank) sees room to keep interest rates elevated amid 'evolving inflation conditions' weighed on the sentiment," he added.

"The inflation data for July which came in at 4.4 percent, breaching the government's target range of 2 percent to 4 percent, was also digested."

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "Philippine shares ended with flat performance despite a strong rebound early mornings as the investors continue to monitor economic data in both US and Japan, especially for signs of a global recession."

Sector results were mixed, with property up the most by 0.60 percent while mining and oil posted the largest drop of 1.76 percent.

Decliners outdid gainers, 97 to 84, while 56 were unchanged.

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