Philippine Stocks Tumble Most in Five Years as Trading Resumes
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Philippine stocks slumped, with the benchmark index posting its biggest intraday retreat since October 2008, as local markets resumed trading after a three-day closure. The peso headed to an 18-month low and bonds dropped.
The Philippine Stock Exchange Index declined 6 percent to 6,136.73 in Manila, the lowest close since June 26, after tumbling as much as 6.9 percent. Philippine Long Distance Telephone Co., the nation’s largest phone company, fell 4 percent. SM Investments Corp., owner of the biggest shopping-mall operator, slid 8.9 percent. The peso weakened 1.1 percent to 44.15 per dollar, heading for the lowest close since Feb. 1, 2011, while government bond yields rose to a one-month high.