World’s Worst Stock Market Slides Into ‘Death’ Territory – Bloomberg

The Philippine Stock Exchange Index, the world’s worst performing equity benchmark with a year-to-date loss of about 10 percent, is poised for more weakness as its 50-day moving average slips below its 200-day line, forming a bearish pattern called a “death cross.” In the three previous instances of this pattern for the benchmark, Philippine equities sank deeper. More than $30 billion in market value has already been erased since the gauge peaked on January 29 as investors sold down amid fears rising inflation could trigger a sharper rate increase by its central bank.

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