MANILA, Philippines – Philippine share prices closed flat on Wednesday in the absence of leads abroad and at home, dealers said.

The composite index shed 0.61 points to 2,907.63 while the all-shares index was marginally lower at 1,826.78.

There were 52 gainers against 58 losers and 53 that were unchanged.

A total of 1.322 billion shares worth P3.837 billion ($80.36 million) changed hands.

The local currency traded at 47.747 to the dollar.

"We're still building a base, still consolidating between 2,880 and 2,930 points. That is a trading range," said Gomer Tan of Regina Capital Development Corp.

"The US market has something to do with it. Also, there is no exciting news in the local market right now," he told Agence France-Presse.

The local market opened upward but later slumped on profit-taking.

Top-traded Philex Mining Corp. was down 1.9 percent to P12.75 while Philippine Long Distance Telephone Co. dropped 0.97 percent to P2,550.

However First Philippine Holdings Corp. gained nine percent to P54.50 while Benpres Holdings Corp. rose 7.04 percent to P3.80.