Philippine shares close 5.5 percent lower

Philippine share prices closed down 5.5 per cent on Tuesday in its biggest single-day loss in five months due to heightened fears of a US recession.

Philippine share prices closed down 5.5 per cent on Tuesday in its biggest single-day loss in five months due to heightened fears of a US recession, dealers said.

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The composite index fell 173.89 points to 2,978.41.