Philippines shares lower

Philippines share prices closed 4.6 percent down on Thursday hitting a three-year low amid fears of a global recession, dealers said. The composite index lost 97.09 points to 1,995.92 - the first time the main barometer has fallen below 2,000 points since October 28, 2005, when the index finished at 1960.22.
The all shares index dropped 4.2 percent to 1,284.16 points with decliners swamping advancers 117 to 3. Thirteen scrips were unchanged from the day-earlier levels. Turnover reached 1.8 billion shares worth 3.112 billion pesos (63.5 million dollars). San Miguel A fell 5.4 percent to 43.50 pesos while its B shares were down 6.4 percent to 44 pesos.