MANILA, Philippines?Share prices closed 0.68 percent lower Monday as investors took profits selectively after recent gains, dealers said.

The composite index shed 20.73 points to close at 3,048.00.

The all-shares index shed 0.60 percent, or 11.46 points, at 1,902.52.

A total of 2.28 billion shares worth P2.82 billion (P60.08 million) were traded.

Decliners led advancers 55 to 46, while 63 issues closed unchanged.

The peso averaged at 46.93 to the US dollar in early trade.

The market would likely see an upward bias on Tuesday, said Emmanuel Soller at Equity World Securities.

"It has room to advance as investors try to re-align their portfolios," Soller told Dow Jones Newswires.

Among the decliners were the Alliance Global Group, which shed 1.1 percent at P4.30 and Ayala Land Inc., which lost 2.0 percent at P12.00.