MANILA - Philippine share prices closed 0.21 percent lower on Wednesday as the market consolidated further on mixed signals from the United States, dealers said.

The composite index fell 5.10 points to 2,432.89 while the all-shares index rose 0.04 percent to 1,567.17 points.

There were 30 gainers against 53 losers and 48 that were unchanged.

A total of 1.065 billion shares worth P1.615 billion ($33.5 million) changed hands.

The local currency traded at 48.203 to the dollar on Wednesday morning.

"We still have to consolidate some more," said Gomer Tan of Regina Capital Development Corp., attributing the downturn to technical reasons.

"Basically, the market is just moving sideways but with a bias on the downside," he told AFP.

"The US market is also mixed so I don't see any reason for our market to go up."

Top-traded Philippine Long Distance Telephone Co. was unchanged at P2,395.

Alliance Global Group Inc. dropped 3.63 percent to P2.65 while Energy Development Corp. slipped 1.26 percent to P3.90 .

Manila Electric Co. (Meralco) gained 2.88 percent to P143.