Philippine stocks led by telecom leader PLDT closed lower on Monday due to political uncertainty and worries over law and order following an attack on a building in Manila's financial district by suspected communist rebels.
Traders said concerns about the effect of high oil prices on the energy-importing country also dampened sentiment.
The main stock index fell 7.28 points, or 0.48 percent, to 1,517.17 points.
Turnover was higher at 433.988 million pesos ($7.76 million) from 303.16 million pesos, with losers edging gainers 16 to 13, while the prices of 40 issues were unchanged.
"The shooting incident in Makati gave an additional excuse for investors to continue to take profit," said Astro del Castillo, managing director at First Grade Holdings.
Suspected communist rebels fired a rocket-propelled grenade and several bullets on Monday into a building that used to house offices of Petron Corp, the country's largest oil refiner. No one was injured and damage was minimal.
Philippine Long Distance Telephone Co shed five pesos to 1,065 after its chairman, Manuel Pangilinan, said its performance in the second quarter would be within range of its first-quarter profit of 5.2 billion pesos.
Bank of the Philippine Island, the country's second-largest lender, lost 50 centavos, or 1.22 percent, to 40.50 pesos while conglomerate Ayala Corp slipped 10 centavos or 1.89 percent, to 5.20 pesos.
The B shares of Manila Electric Co, the country's largest power distributor, fell 50 centavos or 1.54 percent to 32 pesos.
Del Castillo said the slow pace of vote canvassing from May 10 presidential elections together with concerns about high oil prices were adding to market nerves.
A joint panel of Congress, which was formed to count the summary of votes for president and vice president from provinces and cities nation-wide, have tallied just five election returns out of 176. Traders said they expected the main index to trade between the 1,500 and 1,550 points for the rest of the week.
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