Philippine Stocks Plunge, Nearing Bear Market Amid Economic Woes
Manila's benchmark index faces a potential bear market as concerns mount over sluggish economic growth and global uncertainties.
On Friday, the Philippine Stock Exchange Index (PSEi) fell 1.2% to 6,037.16, extending its decline from October's high to over 20%. The index has faltered this week after a Thursday report revealed economic growth fell short of expectations due to storms and flooding. Inflationary pressures have also raised concerns.
Nickel Asia and Puregold Price Club were among the most significant losers on Friday, shedding 8% and 7.6%, respectively.