MANILA, Philippines -- (UPDATE) Share prices closed 4.15 percent lower on Friday tracking falls on Wall Street overnight amid weak US economic data, dealers said.

The composite index was down 76.43 points at 1,765.90 points.

The all-shares index fell 2.97 percent to 1,153.79 points.

There were 11 gainers, 79 losers with 34 unchanged.

Turnover amounted to 820.2 million shares worth P1.17 billion ($23.36 million).

The local currency traded at 50.076 to the dollar.

"We're seeing heightened fear of recession everywhere," James Lago of PCCI Securities Brokers told Dow Jones newswires.

"Analysts are also looking at ratcheting down (earnings) forecasts for 2009," he added.

Philippine Long Distance Telephone Co. fell 5.5 percent to P2,060.00.

Ayala Corp. slipped 3.86 percent to P174.00 while its real estate flagship, Ayala Land Inc. dropped 5.17 percent to P5.50.

San Miguel Corp. saw its A shares drop 1.19 percent to P41.50 while its B shares were unchanged at P42.00.