Manila - Philippine shares dropped 2.01 per cent on Thursday as investors dumped stocks on concerns that soaring oil prices would trigger inflationary pressures.
The Philippine Stock Exchange's 30-share composite index lost 48.22 points to close at 2,345.68, from Wednesday's finish of 2,393.90.
A total of 1.22 billion shares worth 2.30 billion pesos (50.99 million dollars) were traded.
Losers swamped gainers 106 to 15, while 27 issues were unchanged.
Traders said investors were worried that higher oil prices would trigger more hikes in the prices of basic commodities and further weaken the peso against the US dollar. (dpa)