1.   A single-digit inflation rate for February, however, could spark buying interest in Manila shares, he said.

2.   Cilette Liboro, research director for Citisecurities Inc., said a flurry of negative corporate news last week further spoiled sentiment for Manila shares.

3.   Favorable July U.S. inflation data also prompted stock investors to take positions behind some oversold Manila shares, said Anscor-Hagedorn Securities analyst Russell Ong.

4.   Fears of more bad loans as the peso weakens and the Philippine economy slows down are also weighing down on Manila shares, particularly bank stocks, Kane said.

5.   Fears of more bad loans as the peso weakens and the Philippine economy slows down are also weighing on Manila shares, particularly bank stocks, Kane said.

6.   Garcia said the market remains strong as recent developments have bolstered investor confidence in Manila shares.

7.   He said Manila shares are likely to weaken further in coming days.

8.   However, investors preferred to remain cautious and wait for the release of the inflation report before positioning more aggressively behind Manila shares, Garcia said.

9.   Investors were also wary of getting caught holding Manila shares when the government releases third-quarter economic data Friday, he said.

10.   Kane said the persistent volatility in Asian currency markets, including that of the Philippines, was the main cause of weakness in Manila shares.