(Bloomberg) – The actions of the Philippines have dropped for a fifth day, pushing the country’s reference index in a lower market, in a context of concern concerning potential worldwinds and disappointing internal economic data.
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The country’s reference action gauge has slipped to the lowest level for more than two years, because the prospect of higher American tariffs threatened by US President Donald Trump has amortized the optimism of investors in global equities. A government report published Thursday has shown that the local economy had become slower than expected analysts, injured by investment, consumption and slow agricultural production.
“The continuous blow of weakness is probably supported by the absence of a positive catalyst,” Rastine Mackie Mercado, analyst at Chinabank Securities said in Manila. Investors are also waiting for the publication of profits from the fourth quarter and the whole year company, he said.
The Philippin Stock Exchange Index slipped 4% on Friday at 5,862.59, more than 20% below its summit in October and the lowest fence level since October 2022. Volumes climbed during the sale with 138 , 8 million actions changing hands, the highest daily turnover in four months.
The country’s gross domestic product increased by 5.2% in the last quarter compared to the previous year, the Statistics Agency announced on Thursday. This did not reach the middle estimate of 5.5% in a Bloomberg survey and equaled the rate of 5.2% from July to September.
The lower than expected Philippine economic growth has disappointed investors, said Claire Alviar, analyst at Philstocks Financial in Manila. The uncertainties on President Donald Trump’s policies also weigh down the market, she said.
Among the biggest declines on Friday, the conglomerate San Miguel Corp. Sulmed 20% at its lowest fence since January 2016, while Alliance Global Group Inc. slipped the same amount at its lowest level in more than four years. All, with the exception of two companies in the reference index basket to 30 companies, have dropped.
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