Manila: Surging global crude prices and a weakening currency dragged Philippine shares lower on Tuesday, though the peso managed to hold its ground against the greenback by the closing bell. The Philippine Stock Exchange index (PSEi) shed 1.11 percent to close at 6,007.78 points, while the broader All Shares index fell by 0.62 percent to 3,342.52 points.

According to Philippines News Agency, the local market declined, weighed down by the continuous rise in global oil prices and the depreciation of the Philippine peso to new record lows. These are seen as upside risks to inflation. The rise in local and global treasury yields, which makes bonds more attractive, also negatively affected the market.

Most of the sectoral gauges finished in the red, except for Property, which rose 0.17 percent. Services posted the biggest drop at 2.55 percent, followed by Holding Firms, which fell 0.65 percent; Financials, down 0.48 percent; Mining and Oil, by 0.37 percent; and Industrial, by 0.02 percent.

Volume reached 582.15 million shares, amounting to PHP5.34 billion. Decliners led advancers, 96 to 90, while 53 shares remained unchanged.

Meanwhile, the local currency ended at PHP62.83 against the U.S. dollar, barely up from its previous close of 62.86. It opened the day at 62.90, weaker than Monday's opening of 62.75. It traded between 62.77 and 62.92, bringing the day's average to 62.85. Volume surged to nearly USD1.9 billion, up from the USD969.22 million recorded the previous day.