The Philippine stock market succumbed to profit takers on Thursday.
The bellwether Philippine Stock Exchange index lost 0.52 percent, or 32.81 points, to 6,315.69, while the broader all-share index retreated by 0.51 percent, or 19.59 points, to 3,814.23.
Trading volume reached 4.05 billion shares worth 13.27 billion pesos (294.86 million U.S. dollars) with 105 stocks declining, 61 advancing, and 39 were unchanged.
Of the six counters, only the service sector bucked the trend.
Brokerage 2TradeAsia.com said in its daily stock market comment that positive outlook for the local economy should have supported extended buying in the local equities.
Standard & Poor's latest economic growth outlook on the Philippines, coupled by French firm Coface's inclusion of the nation as part of the "new emerging economies" might support buying sentiments in the local equities.
The credit ratings agency revised its outlook to 6.6 percent from 6.4 percent, which 2TradeAsia.com said could have enticed investors to buy selected large-caps.
Sellers, however, outwitted buyers during the latter part of the session. The index, after touching an intra-day high of 6,361. 27 or almost 20 points higher from Wednesday's close, erased all its gains and closed lower.
Stocks in the 30-company index were mostly down. These include Alliance Global Group, Inc., SM Investments Corp., and Banco de Oro Unibank, Inc.