Panic selling sends Indonesia, Philippine stocks toward bear run

The Philippine Stock Exchange Index plunged 6.8% Monday, its biggest loss since October 2008 and taking its slide from a July high to 25%

MANILA: Philippine stocks sank into a bear market and Indonesian shares were set to enter one as another devastating day for equities unfolded.

The Philippine Stock Exchange Index plunged 6.8% Monday, its biggest loss since October 2008 and taking its slide from a July high to 25%. With a 5.5% slump, the Jakarta Composite Index was down 22% from a record in February 2018. The markets are following their Malaysia and Thailand peers, which entered a bear market in the last week of February, while Japanese shares also sank into bear territory Monday.