Back to square one. That is what happened to the Philippine stock market the other day, June 25, when the market closed at 5789.06 index points, down 1,596 points or 21.6 percent from the market’s record high closing of 7386.07 on May 15, 2013.
At 5789, the market eviscerated all the gains it chalked up at its closing of 5812.73 index points on Dec. 28, 2012, the last trading day that year. At end-2012, stocks were up 33 percent over end-2011, making the Philippines one of the world’s best performing stock markets—its second year in a row to be ranked among the top performing globally.
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