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Philippine Stock Market (PSEi) is Asia-Pacific’s Worst Performer




Are your stock investments currently in the red? You’re not the only one.

In fact, the Philippine stock market has already lost 17% of its value from the start of January until June 2018, making it the worst performer among 15 stock exchanges in the Asia Pacific.

During the trading on Thursday, June 21, the Philippine Stock Exchange index (PSEi) suffered another big loss, plummeting 2.25% in just one day and closing at 7,098.15 points. This level represents a huge 21.5% drop from the all-time high level (9,041.15 points) of the PSEi recorded in January 2018.

To be fair, majority of Asian stock markets are also reeling from losses. Twelve (12) out of 15 stock exchanges registered negative year-to-date (YTD) returns. (See list below)

PSE is Asia-Pacific’s worst performing stock market

The PSEi, unfortunately, was hammered the most. In just 6 months, Philippine stocks have already declined by almost 2,000 points. This current level translates to a 17.06% price loss in the 6-month period.

Bloomberg News reported that, from January to June 2018, a staggering $43 billion in market value (equivalent to P2.3 trillion) has already been wiped out in the Philippine stock market.

At its current level, the PSEi valuation is pegged at 15.3x projected 12-month earnings — relatively cheap — but the market is said to still test in the coming days whether another sell-off will occur, breaking the 7,000 price support, or a rebound will finally emerge.

Performance of 15 Asia-Pacific Stock Exchanges

Here’s a summary of the year-to-date (January to June 2018) returns of 15 stock markets in the Asia Pacific region.

 CountryStock IndexJan-June 2018 Return %
1PakistanKarachi Stock Exchange KSE100 Index4.66%
2IndiaS&P BSE SENSEX Index4.04%
3TaiwanTaiwan Stock Exchange Weighted Index2.80%
4JapanNikkei 225-0.32%
5VietnamVietnam Ho Chi Minh Stock Index (VN-Index)-1.51%
6Hong KongHong Kong Hang Seng Index-2.08%
7Sri LankaColombo Stock Exchange All Share Index-2.20%
8SingaporeStraits Times Index STI-3.02%
9South KoreaKorea Stock Exchange KOSPI Index-5.25%
10MalaysiaFTSE Bursa Malaysia KLCI Index-5.82%
11ThailandStock Exchange of Thailand SET Index-6.80%
12IndonesiaJakarta Stock Exchange Composite Index-8.39%
13LaosLaos Securities Exchange Composite Index-9.42%
14ChinaShanghai Stock Exchange Composite Index-13.04%
15PhilippinesPhilippine Stock Exchange index (PSEi)-17.06%

It appears that only three stock markets are in positive territory: Pakistan, India, and Taiwan. All other stock markets are in the red, ranging from -0.32 YTD loss of Japan’s Nikkei 225 index to the -13.04% YTD loss of the Shanghai Stock Exchange (SSE) index in China.

Data source: Bloomberg (as of June 21, 2018)

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