Home Finance Philippine Benchmark stock index slips 20% from October High

Philippine Benchmark stock index slips 20% from October High

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(Bloomberg) – Filipino shares fell for a fifth day, so that the benchmark index was pushed from the nation to a bear market, amid concerned about potential global headwind and disappointing domestic economic data.

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The benchmark -Equity meter of the nation slid to the lowest level in more than two years, because the prospect of higher American rates threatened by American President Donald Trump dampened the optimism of global stock investors. A government report published on Thursday showed that the local economy grew slower than the expected analysts, hurt by slow investments, consumption and agricultural production.

“The attack of continuous weakness is probably supported by the lack of a positive catalyst,” said Rastine Mackie Mercado, an analyst at Chinabank Securities in Manila. Investors are also waiting for the release of the win reports of the fourth quarter and the entire annual company, he said.

The Philippine Stock Exchange Index fell 4% to 5,862.59 on Friday, more than 20% below the High of October and the lowest final level since October 2022.

The gross domestic product of the nation rose by 5.2% from a year earlier last quarter, the statistics agency said Thursday. That was not with the 5.5% median estimate in a Bloomberg survey and corresponded to the pace of 5.2% in July to September

The weaker then expected Filipino economic growth disappointed investors disappointed, said Claire Alviar, an analyst at Philstocks Financial in Manila. Uncertainties about President Donald Trump’s policy also weigh the market, she said.

Under the largest decliners on Friday, the conglomerate San Miguel Corp. 20% to the lowest close since January 2016, while Alliance Global Group Inc. The same amount slid to his weakest level in more than four years. All except two companies in the 30 companies Benchmark index basket fell.

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