STOCK MARKET NEARS 'BEAR TERRITORY (PSEi already down by 19% from peak recorded in May) -- Prospects of rising US interest rates and a slowing Chinese economy yesterday dragged the local stock market barometer below the 6,000 mark, bringing the local bourse on the brink of returning to a "bear" market. The main-share Philippine Stock Exchange index (PSEi) slumped 211.12 points or 3.41% to close at 5,971.05. The index has pulled back by about 19% since hitting the peak of the recent bull run at 7,400 in mid-May. A market is technically deemed having reversed from a "bull" to a "bear" market when it has retreated by 20% from the peak.
