Philippines share prices closed 1.2 percent lower on Friday as foreign funds sold local issues, dealers said. The composite index lost 23.57 points to 1,856.10. In the broader market, the all shares index shed 0.1 percent or 1.63 points even though advancers edged decliners, 55-21 with 42 other shares unchanged. Turnover reached 1.3 billion shares worth 2.2 billion pesos (46.6 million dollars).
The peso was trading at 48.483 on Friday, as compared to 48.550 on Thursday. PCCI Securities Brokers said "sustained foreign selling" was continuing to undermine shares including market heavyweight Philippine Long Distance Telephone, or PLDT, which lost 5.5 percent to 2,145 pesos.
The markets fall "is understandable. PLDT has a big weight in the index," Ron Rodrigo of DBP Daiwa Securities told Dow Jones Newswires. Philex Mining added 5.1 percent to 6.20 pesos. SM Investments Corp, the days most active stock, ended unchanged at 184 pesos.