Philippine share prices closed 0.4 percent lower Monday amid a dearth of any positive leads to spur buying, dealers said.
The composite index shed 7.41 points to close at 2,086.72. The all-shares index shed 0.3 percent to 1,354.81.
A total of 1.17 billion shares worth P1.78 billion ($37.02 million) changed hands.
Decliners led advancers, 59 to 39 while 38 issues closed unchanged.
The peso was at 48.08 to the US dollar in mid-morning trade, from 47.86 at close Friday.
"We'll likely see further consolidation. Investors are still tentative, looking to the (United) States for leads," Joseph Roxas of Eagle Equities told Dow Jones Newswires.
The Bank of the Philippine Islands shed 2.5 percent to P38.50 while Energy Development Corp. fell 2.8 percent to P3.80.
Philippine Long Distance Telephone Co. bucked the downward trend, adding 0.5 percent at 2,165.