MANILA, Philippines?Local stocks paused from a recent run-up as share prices neared recent highs on Tuesday but profit-taking was tempered by an upbeat Wall Street sentiment arising from AIG's $35-billion Asian asset sale and a prospective bailout package for Greece.

The main-share Philippine Stock Exchange index shed 17.02 points or 0.55 percent to close at 3,061.89, weighed down by the decline in the property, mining/oil, financial and industrial counters.

The local market was pulled back by the profit-taking on Ayala Land Inc., Energy Development Corp., Fil-Estate Land Inc., Metropolitan Bank & Trust Co., Century Peak Metal Holdings Corp., Robinsons Land Corp., SM Investments Corp. and APC Group Inc.

They led the 74 decliners, which edged out 46 advancers and 57 unchanged stocks.

But the decline of the PSEi was tempered by the gains posted by Philippine Long Distance Telephone Co., Alliance Global Group Inc., First Philippine Holdings Corp., Belle Corp., Ayala Corp., First Gen Corp. and Filinvest Land Inc.

The respective share prices of Universal Robina Corp., Megaworld Corp. and SM Prime Holdings Inc. were unchanged.

Trading in the local stock market was upbeat early in the session as investors were emboldened by the rise in US stocks but caution prevailed as the local index neared the 3,100 mark. Trading volume was brisk as value turnout amounted to P3.6 billion.

The recent high of the index was at 3,130.

"The labor situation in the US, the debt problems of Greece, the upcoming local elections, these are all questions that must be conclusively answered before the PSEi can reach a new high," AB Capital Securities said.

Overnight at the US market, the Dow Industrial, Nasdaq and S&P Indices were up by 0.76 percent, 1.58 percent and 1.02 percent, respectively.