Philippine stocks fall 1.46% as weaker growth weighs on sentiment
Third-quarter GDP growth slowed to 2.1 per cent, while property shares led the market's sector losses.
Philippine equities retreated as weaker economic growth unsettled investors, with the Philippine Stock Exchange index (PSEi) losing 84.03 points, or 1.46 per cent, to close at 5,677.92. The All Shares index finished at 3,183.52, down 34.79 points, or 1.08 per cent.
Luis Limlingan of Regina Capital attributed the benchmark's decline to a GDP reading below expectations, which fuelled concern about the economic outlook. Third-quarter GDP expanded by 2.1 per cent, compared with 2.4 per cent in the preceding quarter and four per cent a year earlier.
Limlingan said possible El Niño effects and continued inflation pressures also kept sentiment fragile. Those risks could put further pressure on domestic demand and economic activity, he said, prompting investors to stay cautious about local shares.
Mining and oil was the only sector to advance, gaining 2.34 per cent. Property recorded the steepest decline at 2.07 per cent, while holding firms lost 1.94 per cent.
Turnover totalled ₱5.98 billion. Across the market, 100 stocks declined and 74 advanced, with another 69 finishing unchanged.
