Philippines share prices closed 0.96 percent lower on Friday after further losses on Wall Street overnight amid continued uncertainty over the outlook for US interest rates, dealers said.
They said the local market's recent selldown has pushed the main index back to where it was before it surged to a near seven-year high early last week.
The Philippine Stock Exchange composite index lost 22.72 points at 2,356.02 after trading between 2,339.51 and 2,378.74. Volume totalled 9.96 billion shares worth 2.199 billion pesos (41.787 million dollars).
Losers outnumbered gainers 62 to 28, while 48 stocks were unchanged.
The broader all-shares index fell 12.68 points to 1,468.37.
The Philippine peso traded at 52.624 to the US dollar as of mid-day.
"Follow-through selling ruled today's session. The market is still looking for a more comfortable level," said Lawrence de Leon of Accord Capital Equities Inc.
Philippine Long Distance Telephone Co was the most traded, ending down 15 pesos at 1,985 pesos. Its rival, Globe Telecom Inc shed 45 pesos to close at 920 pesos.
Ayala Land Inc retreated 50 centavos to 13.50 pesos while affiliate Bank of the Philippines was down one peso at 63.50 pesos.
San Miguel Corp saw its A shares, which are exclusive for Filipinos, remaining unchanged at 63.50 pesos but its B shares, which are open to foreigners, gained 50 centavos to 80.50 pesos.
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