MANILA - Philippine share prices closed 0.47% lower Friday as investors took profits after a retreat on Wall Street, dealers said.

The composite index lost 14.57 points to 3,068.73, while the all shares index gave up 0.27% to 1,913.98.

Turnover was heavy with 3.91 billion shares worth P3.47 billion ($73.44 million) changing hands, while 64 issues fell, 47 rose and 56 ended unchanged.

The peso traded at 47.247 to the dollar in the morning.

"Looking at market valuations, investors are trying to realize their gains as early as possible as we're also nearing the year-end," Ron Rodrigo of DBP-Daiwa Securities Philippines told Dow Jones Newswires.

SM Investments fell 0.79% to P315 while Philippine Long Distance Telephone dropped 0.20% to P2,545.

Manila Electric Co. led gainers, adding 1.78% to P228.