MANILA, Philippines - Share prices tumbled yesterday or lower-than-expected first quarter economic growth and jitters over the political environment in the US, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) lost 68.84 points, or 0.88 percent, to end at the 7,757.69 while the broader All Shares index shed 26.59 points, or 0.57 percent, to settle at 4,626.42.
The rest of the counters closed in negative territory, making it another red day at the local bourse.
Total value turnover was P7.49 billion as investors shied away from the market.
Market breadth was negative as decliners outnumbered advancing stocks, 124 to 74 while 51 issues were left unchanged.
This was in stark contrast to Wednesday’s session which was buoyed by optimism that first quarter GDP would grow by at least seven percent.
The Philippine Statistics Authority and the National Economic and Development Authority (NEDA) reported yesterday a lower-than-expected GDP growth of 6.4 percent.
Traders said this left many investors disappointed.
Socioeconomic Planning Secretary Ernesto Pernia said the Philippines remains one of the strongest performers among major emerging economies in Asia.
He said the first quarter growth of 6.4 percent surpassed both Vietnam’s and Indonesia’s 5.1- percent growth, and Thailand’s 3.3-percent.