Philippines share prices closed 1.6 percent lower on Monday in line with other Asian markets rattled by heavy losses on Wall Street at the end of last week, dealers said. The composite index shed 50 points to 3,079.99. It moved between 3,063.17 and 3,129.99. A total of 788.7 million shares worth 2.6 billion pesos (64 million dollars) changed hands.
Decliners outpaced gainers 67 to 29, while 42 stocks ended flat. The broader all-share index shed 24.91 points or 1.3 percent at 1,896.25. The benchmark composite index was in negative territory throughout the session as investors also fretted about soaring oil prices and domestic political uncertainty.
Political uncertainty over mounting calls for President Gloria Arroyo to step down over alleged corruption was also weighing sentiment, analysts said. Philippine Long Distance Telephone Co (PLDT), the country's biggest company by market value, tumbled 100 pesos to 2,800.
PLDT rival Globe Telecom Inc, fell 50 to 1,430. Conglomerate Ayala Corp shed 10 at 425. Philippine food and beverage conglomerate San Miguel Corp's A shares, limited to local investors, ended down 1 at 47. Its B shares, open to foreigners, dipped 1 at 49.50.