(UPDATE) Phl stocks close lower following US equity drop

MANILA, Philippines (Xinhua) - The Philippine stock market ended its one-day rally today following the sharp drop of the US equities.

The bellwether Philippine Stock Exchange index declined by 0.48 percent or 34.54 points to 7,167.35, bringing weekly decline to as much as 1.09 percent. The broader all-share index on the other hand retreated by 0.49 percent or 20.93 points to 4,244.29.

Trading volume reached 17.23 billion shares worth P7.24 billion ($162.37 million) with 116 stocks declining, 63 advancing and 43 were unchanged.

All six counters were down.

Online brokerage 2TradeAsia.com said the market took it's cue from Wall Street's sharp overnight slump.

The Dow Jones industrial average index lost 334 points on concerns over Europe's economy.    

"Declines however were limited, as fund managers awash with cash seize on this dip to position," 2TradeAsia.com said.

The online brokerage advices investors to stay alert for good buy signals in shares that are still within their ascending channel.

Stocks in the 30-company index were mostly down. These include heavyweight Philippine Long Distance Telephone Co., Alliance Global Group, Inc. and Ayala Corp.