MANILA, Philippines – (UPDATE) Share prices closed 0.3 percent lower on Tuesday as foreign investors took a wait-and-see attitude, dealers said.

The composite index fell 5.11 points to 1,969.58.

However, the all shares index gained 0.8 percent to 1,242.16 points.

There were 51 gainers against 33 losers and 37 unchanged.

Turnover amounted to 900.4 million shares worth P1.7 billion ($36.1 million).

The local currency traded at P47.09 to the dollar.

The foreign investors, who dominate the local stock market, "are still adopting a wait-and-see attitude" towards the local economy, despite the government's announcement that inflation fell further in December, said Richie Oleta of A.T. De Castro Securities Corp.

Although the foreign investors are holding off, "the retail brokers were buying because most of the companies are undervalued," he said.

Philippine Long Distance Telephone Co. fell 1.3 percent to P2,190.

But rival Globe Telecom rose 4.4 percent to P825 and Energy Development Corp. gained 0.16 percent to P2.34.

San Miguel Corp. saw its A-shares rise 2.5 percent to P41.50 while its B-shares gained 1.2 percent to P42.50.