11.   Manila shares were also hurt by a spate of poor first-quarter corporate earnings led by Philippine Long Distance Telephone, Yap said.

12.   Much of the investment went into the stock market, as evidenced by the strong performance of Manila shares during the period.

13.   Ong said investors may be unwinding their positions in the market in the absence of a clear, positive signal to encourage demand for Manila shares.

14.   Siao said foreign interest in Manila shares encouraged local investors to channel some of their funds into the stock market.

15.   The continued strength of the peso against the dollar Monday provided some solace to Manila shares.

16.   The gains posted by the market since last week have also bolstered investor confidence in Manila shares, he said.

17.   The lower value of the peso helped fan interest in Manila shares because foreign portfolio managers can now buy more stocks for the same amount of dollars.

18.   The rally raised hopes Manila shares may still end the year on a positive note, traders said.

19.   The release of dismal agriculture data Tuesday also made investors wary of positioning aggressively behind Manila shares, he said.

20.   The renewed weakness in the peso Friday also made investors cautious in dealing with Manila shares, Garcia said.