Philippines share prices closed 0.75 percent lower Wednesday on continued worries over record-high oil prices and a delay in the Supreme Court's ruling on a crucial tax measure, dealers said.
They said there were also concerns on the political front after opposition legislators walked out of impeachment deliberations against President Gloria Arroyo on Tuesday.
The Philippine Stock Exchange composite index inched down 14.73 points to 1,936.90 after trading between 1,931.34 and 1,951.63. Volume was light at 1.03 billion shares valued at 627.05 million pesos (11.16 million dollars).
Losers beat gainers 45 to 32, while 47 stocks ended unchanged.
Oil prices have gone beyond the 70 US dollar to a barrel mark in Asian trading as investors worried about the extent of the damage inflicted by Hurricane Katrina on southern US oil facilities.
The Philippine peso averaged 56.25 to the US dollar in midday trading.
"The market had been rising for the past three sessions, borne out of the fact that we have traded lower for some time and some counters have turned attractive," said Oliver Plana of Asiasec Equities.
"However, investors are searching for clearer leads as far as oil prices, the impeachment case and the VAT measure are concerned," Plana added.
First Grade Holdings managing director Astro del Castillo said concerns over the impact of oil prices and the delay in the implementation of the new VAT law on the economy prompted investors to take profits.
"It's more of the economic factors, rather than the political circus," First Grade Holdings managing director Astro del Castillo said.
Philippine Long Distance Telephone Co was the most active stock. It closed up 10 pesos at 1,590 pesos. Second top-traded San Miguel B-shares, available to foreign investors, pulled down the main index. They fell 3.00 pesos to 94.50 pesos.
San Miguel A, limited to Filipino investors, ended unchanged at 66.50 pesos. Ayala Land Inc retreated 30.00 centavos to 8.10 pesos, while parent Ayala Corp fell 5.00 pesos to 295.00 pesos.