Manila - Philippine shares closed 4.80 per cent lower on Wednesday as fears of global economic slowdown continued to haunt investors.

The Philippine Stock Exchange's 30-share composite index slid by 116.45 points to finish at 2,307.74 from Tuesday's close of 2,424.19.

A total of 2.40 billion shares valued at 2.37 billion pesos (50.42 million dollars) were traded.

Losers dominated gainers, 113 to 14, with 21 issues unchanged.

Analysts said investors fear the worsening credit crisis that has begun to affect Europe could drag the world into a recession. (dpa)