Philippines shares drop

Philippines share prices closed 1.02 percent lower on Friday due to the decline on Wall Street and investors selling off shares just before the end of the year, dealers said. The composite index fell 31.16 points to 3,016.99 while the all-shares index slumped by 0.56 percent to 1,890.83 points.
Volume turnover amounted to 1.312 billion shares worth 2.653 billion pesos (56.82 million dollars). Manila Water Co fell 1.61 percent to 15.25 pesos while telecom giant Philippine Long Distance Telephone Co dropped 1.53 percent to 2,570 pesos.