Manila - Philippine shares plunged more than 4 per cent for the second straight day on Tuesday following a meltdown in Wall Street amid concerns over the US financial system.

The Philippine Stock Exchange's 30-share composite index lost 114.44 points, or 4.51 per cent, to close at 2,421.72 from Monday's finish of 2,536.16.

On Monday, stocks fell by 4.15 per cent.

A total of 1.76 billion shares valued 2.56 billion pesos (54.00 million dollars) were traded on Tuesday.

Losers trounced gainers 107 to 13, with 22 issues unchanged.

Analysts said the continued sell-off in the Philippine market was triggered by the after-effects of the collapse of leading US investment bank Lehman Brothers Holdings Inc.

On Monday the Dow Jones Industrial average lost more than 500 points, more than 4 per cent, its steepest point drop since the stock market reopened after the September 11, 2001 terrorist attacks. (dpa)