Manila  - Philippine share prices plunged 3.42 per cent on Tuesday on news of massive job cuts and more economies falling into recession due to the global slump.

The 30-share composite index of the Philippine Stock Exchange lost 66.40 points to close at 1,873.60, from Monday's finish of 1,940.00.

A total of 751.83 million shares worth 1.20 billion pesos (24.48 million dollars) were traded.

Losers led gainers 85 to 8, while 26 issues were unchanged.

Traders said investor sentiments were dampened by reports that Citigroup, the second largest US bank, cut 52,000 jobs in a bid to save itself.

HSBC Holdings PLC, Europe's largest bank by market value, also announced plans to cut 500 jobs in Asia due to the financial crisis.

Traders also expressed concern that the global economic woes were worse than expected, with data showing that Japan had unexpectedly fallen into recession. (dpa)