Philippines Stocks Hit Lowest Since 2020
The Philippine Stock Exchange index (PSEi) continued its downward trend below 5,600 on Thursday, its lowest level since May 2020, extending its year-to-date losses to around 8% as concerns over the country's economic outlook deepened. Sentiment weakened further after the IMF warned that the Philippines could record Southeast Asia's fifth-lowest growth this year, citing sluggish investment and persistent inflation. Elevated oil prices, bond yields and peso weakness also weighed on investor confidence. Selling pressure on large-cap stocks persisted, led by heavyweight ICTSI, which fell 1.6%, while SM Investments declined 1.1%. Meralco also lost 0.6%, Ayala Corp slipped 1%, Aboitiz Power shed 0.9%, and San Miguel Food and Beverage edged down 0.1%. On the upside, BDO Unibank gained 0.9%, BPI rose 0.6%, and SM Prime Holdings advanced 2.5%.
The Philippine Stock Exchange index (PSEi) continued its downward trend below 5,600 on Thursday, its lowest level since May 2020, extending its year-to-date losses to around 8% as concerns over the country's economic outlook deepened. Sentiment weakened further after the IMF warned that the Philippines could record Southeast Asia's fifth-lowest growth this year, citing sluggish investment and persistent inflation. Elevated oil prices, bond yields and peso weakness also weighed on investor confidence. 1%.
1%. 5%.