Manila:<Text>

The local bourse fell on Wednesday on concerns over the situation in the Middle East, while the peso weakened against the US dollar. The Philippine Stock Exchange index (PSEi) dropped 2.13 percent to 6,307.84, and the All Shares index slid 2.03 percent to 3,485.62.

According to Philippines News Agency, Mining and Oil led losses at 6.37 percent, followed by Financials, 3.01 percent; Property, 2.49 percent; Holding Firms, 2.47 percent; Industrial, 2.43 percent; and Services, 0.56 percent. Trading reached 4.5 billion shares worth PHP8.67 billion. Decliners outnumbered advancers, 179 to 35, with 58 unchanged.

'Investors were worried over the effects of the war in the Middle East, primarily the rise in oil prices, on the local economy, especially on inflation, the peso, and economic growth,' Philstocks Financial, Inc. said in a report. The peso closed at 58.57 to the dollar, down from 58.43 Tuesday. It opened at 58.50 and traded between 58.64 and 58. 45, averaging 58.59.

Dollar volume totaled USD1.77 billion, lower than the previous session's USD1.93 billion.