Philippine shares closed below the 5,800 level for the first time in the current sell-off as the benchmark index extended its losing run to a fourth session, The Philippine Star reported on September 24.

The drop leaves the Manila market among the weaker performers in Southeast Asia, with domestic investors retreating on worries about inflation, slowing growth and a widening trade gap, while a conflict between the United States and Iran keeps risk appetite subdued across emerging markets.

The Philippine Stock Exchange index fell 0.33%, or 19.42 points, to finish at 5,795.14. The broader All Shares index eased 0.21%, or 6.91 points, to 3,246.44.

Luis Limlingan of Regina Capital said the index broke below 5,800 as selling pressure persisted amid continued uncertainty surrounding the US-Iran conflict.

"Moreover, market sentiment was weighed by the widening of the trade deficit in the first half," he said.

Limlingan said investors remained cautious as geopolitical risks and weakening external trade conditions continued to weigh on risk appetite.

"The extended market decline is attributed to weak confidence toward the local economy amid inflation and consequently, growth worries," Philstocks Financial Inc. said.

Philstocks added that the rise in local treasury yields also weighed on the market.

All sub-indices ended lower except property, which added 0.45%. The services counter was the worst performer with a 0.73% loss, followed by mining and oil, down 0.57%.

Turnover picked up, with total value traded rising to PHP8.89bn ($142mn) from PHP6.71bn in the previous session.

Market breadth stayed negative, with 105 decliners against 77 advancers and 62 issues unchanged.

SM Investments was the most actively traded stock, sliding 1.75% to PHP504.50 per share. International Container Terminal Services Inc. fell 0.83% to PHP900, while Ayala Corp. shed 1.02% to PHP485.