Philippine share prices shed 1.19 percent yesterday,tracking the decline in the US market.

The Philippine Stock Exchange index was down 39.69 points to close at 3,283.56.

Hong Kong stocks fell 0.89 percent on Tuesday amid renewed concerns over the health of the US economy.

The Hong Kong market will close after the morning session on Wednesday for the Lunar New Year holidays. It reopens on Monday.

Philippine trading turnover reached 985 million shares for P2.49 billion.

Grace Cerdenia, 2tradeasia.com chief operating officer, said investors took profits after five days of gains.

"Investors may be thinking that it is the proper time to lock on gains after they got stocks at a bargain in last month’s slide. We noted a good volume when the market bottomed out at 2,800," said Cerdenia.

The market is still on the lookout for new leads that could move the market after its recovery from January’s sell-off due to US economic concerns, according to Jomar Lacson, head of research at brokerage Campos, Lanuza and Co.

PLDT was down P10 to P3,000. Ayala Corp. was also down P12.50 to P460. Unit Globle Telecoms, Inc. was down P40 to P1,600. Ayala Land, Inc., another Ayala unit, was down P0.25 to P13.75.

Metrobank Trust Co. was down P0.50 to P43.50. GMA Holdings, Inc. Philippine Depository Receipt was up P0.10 to P6.50. Philippine National Oil Co. — Energy Development Corp. (EDC) was down P0.20 to P6.10.

Manila Electric Co. was down 1.50 to P81.50.