Global fears drive PSEi down by 3.83 percent

THE local bourse on Tuesday plummeted by 3.83 percent, or 239.47 points, to close at 6,020.07 on the back of recession fears across the globe and negative sentiment at home, entering bear market territory.

Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said the biggest drop this year was 4.26 percent on March 8, 2022, larger in comparison to the 3.61 percent on Aug. 13, 2021 and 13.34 percent on March 19, 2020 just as the Covid-19 pandemic swept the globe.