Philippine stocks ended a two-day advance on Friday after Wall Street's lackluster performance overnight due to cautious outlooks from some US companies that revived worries about the slowing economy.
Analysts said local investors also refrained from taking aggressive positions because of inflationary concerns.
The main index fell 24.81 points or 0.84 percent to 2,915.67.
The broader all-share index lost 12.17 points or 0.7 percent at 1,790.06.
Losers beat gainers, 65 to 41, while 54 stocks were unchanged.
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