PSEi ebbs amid economic growth fears

Philippines stock barometer slipped into negative territory on Wednesday as the recent weaker growth outlook for the Philippine economy dampened investor sentiment.

The Philippine Stock Exchange Index (PSEi) ended lower by 0.86 percent or 53 points to finish at 6,137.23.

The broader All Shares index also fell by 0.52 percent or 17.87 points to 3,394.57.

The dinancials, mining and oil as well industrial indices still posted wins, while services suffered a 2.47-percent drop.

Trading remained tepid with net value turnover at P4.76 billion.

“Market sentiment turned cautious following Moody’s forecast that Philippine GDP (gross domestic product) growth will remain below 6 percent over the medium term,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

“Investors stayed on the sidelines as concerns over the country’s growth outlook continued to weigh on risk appetite,” he added.

Moody’s expects the Philippine economy to grow by 3.6 percent this year, slower than its previous projection of 5.5 percent.

The credit rater’s 2027 forecast was likewise trimmed to 5.3 percent from 5.6 percent.

The figures, however, remain within the current administration’s targets of 3.5 percent to 4.5 percent for 2026, and 5 percent to 6 percent for next year.

Monde Nissin Corp. was the index’s top gainer, increasing by 2.34 percent to P7.01.

International Container Terminal Services Inc., meanwhile, was the main laggard, falling 3 percent to P920.50.

The market closed with 78 advancers, 94 decliners, with 79 unchanged.

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