The stock market plummeted by 4.37 percent to the 6,200 level on Monday, tracking a regional sell-off as investors dumped shares on further signs of a weak Chinese economy.
The benchmark Philippine Stock Exchange Index (PSEi) shed 287.17 points to end the day at 6,288.26, while the wider All Shares lost 160.31 points, or 4.23 percent, to close at 3,627.97.
“The [Philippine] stock market almost died today,” said Alexander Tiu, analyst at AB Capital Securities, Inc.
“Basically, this is still caused by China. Investors are fearing a contagion effect within the Asian region,” Tiu added. Katrina Mennen A. Valdez