PSE’s bull run ends, bears back in control: MANILA, Philippines—The local stock market descended into “bear” territory on Tuesday, overpowering the bulls for the first time in four years, as a credit crunch in China added to rising global risk aversion sparked by prospects of rising US interest rates.
The main-share Philippine Stock Exchange index lost 185.81 points or 3.11 percent to 5,785.24 in morning trade, wiping out all gains seen earlier in the year.
The index has now pulled back by 1,614.76 points or 21.8 percent since peaking at around 7,400 in mid-May, thereby crossing over from a bull to a bear market. A market is technically defined having gone back to bearish mode when it slides by 20 percent from the ...
Keep on reading: PSE’s bull run ends, bears back in control
The main-share Philippine Stock Exchange index lost 185.81 points or 3.11 percent to 5,785.24 in morning trade, wiping out all gains seen earlier in the year.
The index has now pulled back by 1,614.76 points or 21.8 percent since peaking at around 7,400 in mid-May, thereby crossing over from a bull to a bear market. A market is technically defined having gone back to bearish mode when it slides by 20 percent from the ...
Keep on reading: PSE’s bull run ends, bears back in control
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