MANILA – Philippine hare prices closed 1.6 percent lower yesterday 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 P2.6 billion ($64 million) 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 peso traded at 40.63 to the US dollar.

The benchmark composite index was in negative territory throughout the session as investors also fretted about soaring oil prices and domestic political uncertainty.

"The market's inability to decouple from markets abroad is evident today. The bad news on Wall Street created jitters," said Jose Vistan, research director at AB Capital Securities.

On Friday the Dow Jones Industrial Average plunged 315.79 points or 2.5 percent to 12,266.39, amid disappointing quarterly results from blue chips.

Oil prices meanwhile stayed above $101 per barrel in Asian trading Monday ahead of an OPEC meeting in which the cartel is expected to maintain current output levels.

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., the country's biggest company by market value, tumbled P100 to P2,800.

PLDT rival Globe Telecom Inc. fell P50 to P1,430.

Conglomerate Ayala Corp shed P10 at P425.

Philippine food and beverage conglomerate San Miguel Corp's A shares, limited to local investors, ended down P1 at P47. Its B shares, open to foreigners, dipped P1 at P49.50.*AFP

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