MANILA, Philippines ? (UPDATE) Local stocks tumbled on Thursday following an overnight bloodbath in Wall Street that was triggered by global concerns on the fragile global economic recovery.

The main-share Philippine Stock Exchange index shed 39.81 points or 1.1 percent to finish at 3,483.02.

There were about four decliners for every single gainer at the local stock market. Value turnover amounted to P3.65 billion.

Overnight, the US Dow Jones Industrial index retreated by 265.42 points or 2.49 percent to 10,378.83. The broad-based selldown of US stocks was induced by a gloomy outlook on the US economy that was aggravated by a string of disappointing economic data from China and Japan.

At the local market, the holding firms, property, industrial and services counters suffered the worst beating. Their sub-indices plunged by over 1 percent.

In terms of specific stocks, among those that succumbed most to profit-taking were Megaworld Corp., Philippine Long Distance Telephone Co., First Philippine Holdings Corp., Alliance Global Group Inc., Aboitiz Power Corp., Ayala Corp., Universal Robina Corp., DMCI Holdings Inc., SM Prime Holdings Inc. and Metropolitan Bank & Trust Co.

Among the few that defied the downturn were Semirara Mining Corp. and Bank of the Philippine Islands.