ipit

PSE stocks suffer worst 1-day loss since 2008, what’s next?

Philippine stocks experienced a sharp one-day drop yesterday, recording the worst stock market performance since 2008, during the collapse of investment banking giant Lehman Brothers.

The Philippine Stock Exchange index (PSEi) registered a huge 6.75% loss yesterday (June 13, 2013), closing at 6,114.08 — a steep decline not seen since October 27, 2008 when local stocks dropped a whopping 12.27% as an aftermath of the Chapter 11 bankruptcy filing of Lehman Brothers in September 2008.

Read More