Profit-taking continuedon telco and property issues, pulling down the Philippine Stock Exchange index for the second consecutive day yesterday.

The index retreated 10.92 points or 0.4 percent to 2,940.16 in see-saw trading.

Market turnover reached 2.96 billion shares for P3.19 billion.

"Local share prices moved sideways with a downward bias. With no strong catalyst to push share prices higher, traders took the path of least resistance of going down," said Brokerage AB Capital Securities, in a note to investors.

"Trading is expected to remain lackluster due to the lack of strong leads. Bias remains negative as the PSEi is still in a technical corrective mode," said AB Capital.

Volatility however may seem to dwindle as some of the key big cap index issues already at their major support levels, it added.

Support for the market is pegged at 2,850 while resistance is at 3,000.

Market heavyweight PLDT lost P50 to P2,400 after its ADRs traded in the New York Stock Exchange lost $0.11 to $49.34 overnight.

Globe lost P35 to P1,195.

Megaworld Corp. lost P0.06 to P2.40 while competitor FLI was down P0.06 to P1.72.

ALI lost P0.25 to P15.50 while mother company and most actively traded Ayala Corp. was steady at P545.

Robinsons Land, Inc. bucked the trend appreciating by P0.25 to P15.25.

Manila Electric Co. A shares were steady at P55.50 while its B shares fell P0.50 to P55.50.

Port operator International Container Terminal Services Inc. (ICTSI) was also up P2.25 to P24.

San Miguel Corp. A shares held steady at P63.50 while B shares upped P1.50 to P75.50.

In other markets, the Singapore’s Straits Times Index rose 0.23 percent.

Indonesia’s share index was virtually unmoved, still reeling from its near 4 percent fall on Wednesday, its steepest single-day decline in about eight months.