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.
|Country||Stock Index||Jan-June 2018 Return %|
|1||Pakistan||Karachi Stock Exchange KSE100 Index||4.66%|
|2||India||S&P BSE SENSEX Index||4.04%|
|3||Taiwan||Taiwan Stock Exchange Weighted Index||2.80%|
|5||Vietnam||Vietnam Ho Chi Minh Stock Index (VN-Index)||-1.51%|
|6||Hong Kong||Hong Kong Hang Seng Index||-2.08%|
|7||Sri Lanka||Colombo Stock Exchange All Share Index||-2.20%|
|8||Singapore||Straits Times Index STI||-3.02%|
|9||South Korea||Korea Stock Exchange KOSPI Index||-5.25%|
|10||Malaysia||FTSE Bursa Malaysia KLCI Index||-5.82%|
|11||Thailand||Stock Exchange of Thailand SET Index||-6.80%|
|12||Indonesia||Jakarta Stock Exchange Composite Index||-8.39%|
|13||Laos||Laos Securities Exchange Composite Index||-9.42%|
|14||China||Shanghai Stock Exchange Composite Index||-13.04%|
|15||Philippines||Philippine 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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