The Philippine Stock Exchange index (PSEi) plunged into the bear market, after it lost more than 200 points Friday.
The PSEi plummeted by 245 points, or 4.01 percent, to close at 5,862.59, while the broader all-shares index declined 79 points, or 2.19 percent, to 3,520.32.
A bear market is one where prices declined by 20 percent from a recent peak. With market’s performance on Friday, the PSEi was 22.9 percent down from its immediate peak of 7,604.61 posted on Oct. 7, 2024.
Analysts said negative sentiments here and abroad caused the market to decline for five straight trading days.
Investors turned cautious after the US Federal Reserve’s less dovish signals and following US President Donald Trump’s latest threat to impose 15-percent tariffs on imports from Canada and Mexico.
Investors also continue to digest the softer-than-expected gross domestic product growth of the Philippines in 2024.
Regina Capital Development Corp. Luis Limlingan said investors sold blue chips to buy into new index member China Banking Corp. and AREIT Inc.
CBC and AREIT will be included in the 30-member PSEi beginning next month, replacing Nickel Asia Corp. and Wilcon Depot, Inc.
All five indices ended in the red, except for financials which rose 1.05 percent. Mining and oil declined 6.57 percent, while industrial went down 5.4 percent and property by 3.74 percent. Holding firms slipped by 3.64 percent and services by 1.17 percent.
Value turnover climbed to P20.611 billion with 76 gainers, 135 decliners and 42 unchanged names.
CBC surged 38.9 percent to P26.05, while AREIT advanced 7.69 percent to P42.