Philippines share prices closed sharply lower on Tuesday, losing 3.97 percent in the biggest single day loss for nearly seven years as local investors caught up with Monday's global downturn, dealers said.
The market, open for only three hours a day, closed little changed Monday at a time with the regional bourses were showing relatively modest losses.
However, in the afternoon the region saw a massive sell-off as investors fretted about the possibility of higher interest rates and slower economic growth and on Tuesday, Manila was catching up with that lead.
The Philippine Stock Exchange composite index fell 93.62 points at 2,264.36 after moving between 2,257.68 and 2,357.98.
It was its biggest one-day loss of points since July 27, 1999, when it shed 113 points to close at 2,263.12.
Volume reached 5.35 billion shares worth 2.39 billion pesos (45.34 million dollars).
The broader all-shares index fell 50.21 points to 1,419.36.
Losers outnumbered gainers 100 to seven, while 30 stocks were unchanged.
The Philippine peso traded at 52.741 to the dollar as of mid-day.
Philippine Long Distance Telephone Co was top-traded, closing 60 pesos lower at 1,960 pesos.
Its rival, Globe Telecom, gave up 75 pesos to close at 840.
Conglomerate Ayala Corp fell 32.50 pesos to 392.50 pesos while its unit Ayala Land was down 75 centavos at 12.75 pesos. Another unit, Bank of the Philippine Islands, retreated one peso to 61.50.
San Miguel Corp saw its A shares fall one peso to 62.50 pesos while its B shares were unchanged at 81 pesos.