(UPDATE) Phl bourse extends losses

MANILA, Philippines (Xinhua) - The Philippine stock market extended its losses today ahead of the meeting of the local monetary board.

The bellwether Philippine Stock Exchange index lost 0.15 percent or 10.72 points to 7,202.06, while the broader all-share index managed to post 1.55-point gain or 0.04 percent to 4,256.70.

Trading volume reached 1.77 billion shares worth P6.83 billion ($155.59 million) with 99 stocks advancing, 68 declining and 50 were unchanged.

Of the six counters, three managed to buck the composite index. Investors favored stocks from the industrial, mining and oil and the property sectors.

"Caution prevailed, prompting tight trading ranges, ahead of the local central bank's policy meeting on interest rates," online brokerage 2TradeAsia.com said.

The Monetary Board hiked key rates on Thursday as a response against possible higher inflation. Overnight borrowing and lending rates have been increased by 25 basis points to 4 percent and 6 percent, respectively.

Moreover, sentiments remain anchored overseas, depending on consensus over the US Federal Reserves' possible direction on benchmark rates.

Others, it said, might also be glued on the peso's movement, after breaching P43.95 to a dollar on high volume.

Stocks in the 30-company index closed mixed. Shares of heavyweight Philippine Long Distance Telephone Co. and Ayala Corp. were sold down, while investors picked up SM Investments Corp. and Cebu Air, Inc.