Shares close 1.7% lower

MANILA, Philippines – (UPDATE) Share prices closed down 1.7 percent Monday, their lowest level in more than two years, tracking Wall Street's fall last week, dealers said.
The composite index gave up 35.38 points to 2,062.88 -- the lowest close since June 21, 2006, when it ended at 2,057.77.
In the broader market, the all-shares index shed 1.2 percent to 1,328.62 points with 66 issues retreating, 22 advancing and 34 unchanged.
Turnover reached 743 million shares worth P1.9 billion ($40.3 million).
The peso traded at P48.126 to the dollar in the morning.
"People are looking at fundamentals, and they have yet to be convinced that there is light at the end of the tunnel," Nisha Alisher of DA Market Securities told Dow Jones Newswires.
However, she said the market may be due for a technical recovery after losing 9.2 percent since early last week. Alisher put the support level this week at 2,060 points.
Banking and property issues led the rout on lingering recession fears. Bank of the Philippine Islands dropped 2.4 percent to P40.50, Ayala Land was down 4.5 percent to P3.25, and Megaworld was off 4.2 percent to 92 centavos.
Philippine Long Distance Telephone fell 1.3 percent to P2,260.
San Miguel Corp. bucked the trend with its A-shares finishing 2.3 percent up to P44. Its B-shares also added 2.3 percent to P44.50