The main index of the Philippine Stock Exchange lost 239,47 points and ended at 6,020,07. The main index hasn't dropped this much since it closed at 6,019.26 points on October 19, 2020.

Following the collapse of the US equity market due to an aggressive Federal Reserve and rising interest rates, which in turn disrupted currency markets, the market sell-off resumed with local shares. The Federal Reserve's aggressive rate-hike campaign and the UK's tax cuts, which were announced last week, strengthened the US dollar significantly, driving the Philippine peso to the P59 to $1 region, according to Luis Limlingan, managing director of Regina Capital Development Corp.

The market started the transaction at a low of 6,193.04 points and fell as low as 5,962.17 points before making a late-trade rebound.
According to Limlingan, "the economic worries created by currency instability also led to a decline in fuel prices."

Investors should be concerned about inflation, says Claire Alviar of Philstocks Finance Inc.
She asserts that the market will enter bear mode, or see a 20% decline from its top. The PSEi has lost 1,102.56 points, or 15% since it began trading at the beginning of the year.

Positively, the market was able to cross the 6,000 psychological support level before it closed. At 6,400, there is opposition, she added.

The session saw high volume transactions worth P20.88 billion. 189 shares were unchanged, while 28 were winners, making the difference.

All other sub-indices also ended in the red, including the All Shares index, which fell 107.06 points to 3,234.23 points. The Financials index fell 66.54 points to 1,483.43, the Industrial index fell 270.75 points to 8,868.37, and all other sub-indices concluded in the negative.

San Miguel Corp. declined P0.15 to finish at P97.50, International Container Terminal Services Inc. decreased P0.90 to P181, Ayala Land Inc. decreased P0.60 to P24.40, SM Prime Holdings Inc. decreased P1.80 to P32.25. SM Investments Corp. decreased the price of P45 to P763. The stock with the most trade that day was San Miguel Corp.