Manila  - Share prices on the Philippine Stock Exchange declined 2.19 per cent on Friday on Wall Street's plunge overnight and worries over record oil prices.

The 30-share composite index lost 53.33 points to close at 2,466.28 from Thursday's finish of 2,519.61.

A total of 2.238 billion shares worth 7.240 billion pesos (164.545 million pesos) were traded.

Losers led gainers 96 to 23, while 36 issues were unchanged.

Traders said nervous investors dumped stocks and stayed on the sidelines due to renewed inflation concerns with oil prices surging to record levels on Thursday.

The Philippines is highly sensitive to oil price shocks because it imports nearly all of its oil requirements.

Traders said local market sentiment was also bearish with the Dow Jones industrials plunging more than 3 per cent to a 21-month low on Thursday. (dpa)