Asian stocks close lower but losses limited

HONG KONG (AFP) - Asian stocks closed mostly lower Tuesday but losses were limited as fears over a global credit crunch in the wake of losses linked to the US subprime mortgage market continue to subside.

Philippine share prices closed 0.10 percent lower amid continuing concerns over US subprime mortgages which have raised fears of a credit crunch in the financial markets.

Dealers said the index initially gained 17.1 points in early trading but this was later reversed amid concerns about the magnitude of the subprime problem.

The composite index fell 3.47 points to 3,263.56 on volume of 2.2 billion shares worth P3.3 billion ($72.3 million).