Manila - Philippine shares dropped 2.59 per cent on Monday as investors took a wait-and-see attitude on the bail-out package approved by the US Congress over the weekend.

The Philippines Stock Exchange's 30-share composite index dropped by 66.68 points to close at 2,499.53 from Friday's finish of 2,566.21.

A total of 652.61 million shares valued at 2.12 billion pesos (45.10 million dollars) were traded. Losers swamped gainers, 8 to 87, with 29 issues unchanged.

Analysts said investors were also concerned about the deepening financial turmoil in Europe. (dpa)