Manila  - Philippine share prices declined 2.05 per cent Friday as market sentiment was dragged down by an overnight drop on Wall Street, traders said.

The 30-share composite index of the Philippine Stock Exchange lost 58.23 points to close at 2,782.98.

A total of 5.23 billion shares worth 2.85 billion pesos (59.62 million dollars) were traded.

Losers led gainers 80 to 40 while 46 issues were unchanged.

Traders said the market saw a sell-off as local investors cashed in on recent gains after a fall on Wall Street for the second-consecutive day Thursday.