The Philippine equities has again failed to sustain its rise above the 6,800 mark, falling by 0.46 percent on Thursday.

The bellwether Philippine Stock Exchange index lost 31.58 points to 6,783.72. The broader all-share index retreated by 0.39 percent or 16.36 points to 4,216.97.

Trading volume thinned down to 953 million shares worth 6.7 billion pesos (162.85 million U.S. dollars) with 88 stocks declining, 71 advancing, and 46 were unchanged.

All six counters closed in the negative.

"In the face of a series of not-too-encouraging developments overseas, the market may continue to trade negatively even as it holds support at the 6,720-6,750 range," analyst Justino Calaycay of Accord Capital Equities Corp. said.

Among the negative reports cited were the lower-than-expected U. S. economic data, growth concerns in Asia, and uncertainty over the Bank of Japan's policy action at the conclusion of its two-day meeting.

These developments, Calaycay said, sent markets trading lower Thursday.

DBP-Daiwa Securities, Inc. said the thinner-than-usual volume could have been brought by the fact that equities in neighboring countries were close for holiday.

China and Chinese Taiwan and Hong Kong markets were shut for the Qing Ming Festival.

Calaycay nevertheless said that the release of inflation numbers may also provide some lift to trades as the week comes to a close.

Stocks in the 30-company index were mostly down. Among the issues that were sold down include SM Investments Corp., heavyweight Philippine Long Distance Telephone Co. and Alliance Global Group, Inc. Endi

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