The local stock barometer fell below the 7,000 mark on Monday as global growth woes dampened risk appetite of investors across global markets.
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 more than 3 percent while the financial and property counters slid by more than 2 percent.
The services and mining/oil counters fell by more than 1 percent.
Value turnover for the day amounted to P8.76 billion. There were about seven decliners for every single gainer during the day.
Apart from global market woes, 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 more than 4 percent. AC and Megaworld slid by about 3 percent.
GTCapital, DMCI, Metrobank and Jollibee all declined by more than 2 percent while BDO slipped by more than 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. Doris C. Dumlao