The main-share Philippine Stock Exchange index slid by 199.26 points or 2.78 percent to close at 6,968.09, the worst single-day drop seen in the local market since September 2013.
The most battered for the day were the industrial and holding firm counters, which both fell by over 3 percent while the financial and property counters likewise slid by over 2 percent.
The services and mining/oil counters likewise tumbled by over 1 percent.
Value turnover for the day amounted to P8.76 billion. There were nearly seven decliners for every single gainer in the day.
Apart from worries on global markets, investors also pocketed gains as large local stocks hit high valuations.
Investors sold down shares of ALI, AGI, URC, EDC, BPI and Bloomberry, which all slumped by over 4 percent. AC and Megaworld slid by over 3 percent.
GTCapital, DMCI, Metrobank and Jollibee all declined by over 2 percent while BDO slipped by over 1 percent.
SM Prime and PLDT also weighed down the market.
October is historically a bad month for stocks but is usually seen as a good reentry point for investors looking to accumulate at cheaper levels.
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