Market Meltdown

August 24, 2015. This will be the date that investors will remember for quite a while. Investors saw a massive selloff across all markets triggered primarily by China’s economic slowdown. Here’s a rundown of the of what happened that day:

  • Dow: -3.5%
  • S&P 500: -3.9%
  • Nasdaq: – 3.8%
  • FTSE 100: -4.72%
  • Shanghai Composite: -8.49%
  • Strait Times: -4.3%
  • Nikkei: -4.61%

Back at home, PSEI dropped 6.7% to 6,791.01, wiping out its 2015 gains. PSEI YTD performance was -6.08% and was 19.82% lower from the year’s high of 8,136.97. Foreigners were net sellers at 2.948B. Trading was eventually halted at 2:05pm due to a “technical glitch“.

As of September 4, 2015, PSEI was at 7,051.78. While the index made some recovery, markets remain volatile. All eyes will still be on the FED’s September 16-17 meeting that will discuss the possibility of rising the interest rates. China’s performance will remain as market movers across the world.

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