Philippine stocks collapsed below the 7,000-point mark as downbeat overseas markets downed optimism from the local side, particularly news of the economy growing by 7.8 percent in the first quarter.
The Philippine Stock Exchange index (PSEi) subsided by 275.22 points to end at 6,953.35, or 3.81 percent. The wider all-shares index also fell hard, by 133.99 points to 4,298.18, or a slump of 3.02 percent.
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