MANILA, Oct 9, 2008 (AFP) - Philippine share prices closed 0.8 percent lower Thursday on bargain hunting following a coordinated rate cut by global central banks, dealers said.

The composite index shed 19.30 points to close at 2,288.44, while the all-shares index fell 6.45 points to 1,446.29 points.

There were 28 gainers compared to 66 losers with 50 unchanged.

Turnover totalled 1.225 billion shares worth 2.236 billion pesos (47.5 million dollars).

The local currency traded at 47.614 to the dollar.

Dealers said volume tended to be on the light side which indicated investors preferred the safety of the sidelines.

'Downside has been capped as investors realise that measures being implemented globally will take time before they can affect the mainstream,' DBP Daiwa Securities research head Ron Rodrigo told Dow Jones Newswires.

'They are now on a wait-and-see mode,' he said.

Rodrigo said the market was due for a technical rebound Friday although US equities will continue to provide a cue.

Top-traded Philippine Long Distance Telephone ended the day down 2.0 percent at 2,455 pesos in line with New York traded American Depository Receipts, which were down 3.9 percent.

Property developer Ayala Land fell 1.3 percent to 7.80 pesos.

Bank of the Philippine Islands shed 1.2 percent to 40.50 pesos although Banco De Oro gained 2.9 percent at 35.00 pesos.

San Miguel Corp. saw its A shares gain 1.01 percent to 50 pesos while its B shares were unchanged at 50.50 pesos.