MANILA, Philippines — Investors preferred to err on the side of caution yesterday, dragging down the market to its second consecutive loss.
The Philippine Stock Exchange index fell by 0.47 percent or 30.53 points to close at 6,511.93.
Likewise, the broader All Shares index also declined by 0.13 percent or 4.42 points to settle at 3,477.13.
“Philippine shares wrapped up the trading week on a downward note as investors exercised caution amidst persistent concerns over inflation and elevated interest rates,” Regina Capital’s Luis Limlingan said.
Claire Alviar of Philstocks Financial said investors continued to digest the first quarter gross domestic product growth, resulting in the extended decline of the local bourse yesterday.
The Philippine economy grew by 5.7 percent in the first quarter. While faster than the 5.5-percent expansion in the fourth quarter of 2023, the outturn was slower than the 6.4-percent increase in the first quarter of last year.
The growth was also below the six to seven percent GDP growth target set by the government for 2024.
“Given the dismal data, many investors opted to remain on the sidelines as market participation weakened, with net market value turnover registering at P3.37 billion,” Alviar said.
Most sectors were in the red, led by property and financials, which plunged by 0.94 percent and 0.91 percent, respectively.
Mining & oil and holdings firms were the only ones in the green, rising by 0.97 percent and 0.38 percent, respectively.
Market breadth was positive as advancers pummeled decliners, 109 to 84, while 48 issues were unchanged.
Among index members, PLDT marked the largest gain of 3.69 percent, while Monde Nissin has the biggest drop at 3.42 percent.