MANILA, Philippines – (UPDATE) Share prices closed 4.6 percent lower Tuesday weighed by heavy losses on Wall Street overnight, dealers said.

The composite index closed down 91.70 points at 1,879.87, while the all-shares index fell 3.6 percent to 1,197.87 points.

There were only 17 gainers, 86 losers and 21 unchanged.

Volume totaled 488 million shares worth P1.032 billion ($20.8 million).

The local currency traded at P49.464 to the dollar.

"We are just following the Dow and there is now data finally showing the United States is really in a recession," said Jaycob Yedra of Angping and Associates Securities.

While the market had been improving previously, "when the news of the Dow came out, there was a renewed crisis of confidence," he said.

Philippine Long Distance Telephone Co. fell 4.7 percent to P2,230.

SM Prime Holdings Inc. dropped 5.55 percent to P6.80 while Metropolitan Bank and Trust Co. fell 2.04 percent to P24.

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