Philippine stocks took a heavy beating yesterday, with the index dropping for the 3rd straight day to close at 4,157.03.
On Tuesday, August 10, the 30-company benchmark index Philippine Stock Exchange index (PSEi) tumbled 4.02% from Monday’s trading, the biggest drop since March 16, 2009 when the index nosedived 4.66% to 1,769.67.
Stocks are already down 9.5% from the peak registered on August 1 this year, and the bourse’s performance is crawling back to negative territory year-to-date with the PSEi dropping 1% from the start of 2011.