Share prices shed 1.9 percent yesterday tracking the decline of the US market last Friday.

The Philippine Stock Exchange index shed 61.65 points to 3,179.48.

Losers edged gainers 76 to 29 while 39 stocks were unchanged.

Trading was thin at 774.84 million shares worth P1.57 billion.

The Wall Street’s over a hundred point decline on Friday generally dictated Monday’s trading.

Claire Quiray, Accord Capital Equities, Inc. analyst, said "high volatility in the market "might remains in the first quarter" leaving prospects of a good upward swing for the market unlikely.

"Technically however, the market is been reaching some support that investors may soon make positions on selected issues," said Quiray.

Quiray added that the on-going investigation into the NBN anomaly is contributing more "dampening factor" into equities trading which limits investors’ participation in the market.

Philippine Long Distance Telephone Co. (PLDT) shed P75 to P2,865. Ayala Corp. was down P12.50 to P442.50. SM Investments Corp. shed P7.50 to P297.50. Megaworld Corp. lost P0.05 to P2.65.

Meanwhile, Asian shares fell 2 percent on average on concerns that a global slowdown will curb spending and hit company profits, while investors piled into oil, precious metals and wheat, sending that commodity to a record high.

Markets in Japan and China and Taiwan remained closed for public holidays but shares in Seoul, Australia and Hong Kong fell around 2 percent as concerns grew over the global economy’s health.

The price of wheat, the top performing commodity of 2007, jumped to a fresh record high, climbing the maximum 60 cents to $11.53 a bushel as investors piled into commodities they think will withstand a global economic slowdown.