MANILA, Philippines - After breaching the 6,800 level on Wednesday, the Philippine Stock Exchange index fell back to the 6,700 level.

The main index lost 110 points to close at 6,725.13 points.  This as Asian stock markets mostly retreated on Thursday, despite the Dow Jones industrial average hitting another record high.

Dragging the index lower was Ayala Land which plunged 5.6% to P31, while parent Ayala Corp. also fell 4.10% to P562. Ayala Land on Thursday said it raised P12.2 billion ($300 million) from a share placement offered at a discounted price of P30.50 per share.

Metrobank also dropped 4.25% to end at P115, despite reporting its consolidated net income rose 40% to P15.4 billion for full year 2012.

RCBC , which also recently held a share sale, also fell over 3% to close at P64.90.

At the foreign exchange market, the peso ended 4 centavos weaker, closing at P40.73 against the US dollar.  - With ANC