Philippine stock prices closed lower on Monday, with the main index hitting a two-week low.

The main composite index ended 34.94 points or 1.58 percent lower at 2,175.21. This was its lowest finish since June 29, when it ended at 2,084.62.

The broader all-shares index fell 16.25 points to 1,364.17.

Losers outnumbered gainers 54 to 23, with 48 stocks unchanged.

Trade volume was 1.28 billion shares worth 1.35 billion pesos ( 26 million U.S. dollars).

Investors dumped stocks on worries that record high prices for crude oil will slow economic growth of the country, dealers said.

Source: Xinhua