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Home»Finance»Philippine Benchmark Stock Index Slides 20% From October High
Finance

Philippine Benchmark Stock Index Slides 20% From October High

January 31, 2025No Comments2 Mins Read
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Philippine Benchmark Stock Index Slides 20% From October High
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(Bloomberg) — Philippine shares fell for a fifth day, pushing the nation’s benchmark index right into a bear market, amid concern over potential international headwinds and disappointing home financial knowledge.

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The nation’s benchmark fairness gauge slid to the bottom degree in additional than two years because the prospect of upper US tariffs threatened by US President Donald Trump damped the optimism of world fairness buyers. A authorities report printed Thursday confirmed the native financial system grew slower than analysts anticipated, damage by sluggish funding, consumption and farm output.

“The bout of constant weak spot is probably going being underpinned by the dearth of a constructive catalyst,” stated Rastine Mackie Mercado, an analyst at Chinabank Securities in Manila. Buyers are additionally awaiting the discharge of fourth-quarter and full-year firm’s earnings experiences, he stated.

The Philippine Inventory Trade Index slipped 4% Friday to five,862.59, greater than 20% beneath its October excessive, and the bottom closing degree since October 2022.

The nation’s gross home product rose 5.2% final quarter from a yr earlier, the statistics company stated on Thursday. That fell in need of the 5.5% median estimate in a Bloomberg survey and matched the 5.2% tempo in July to September

The weaker-than-expected Philippine financial development disillusioned buyers, stated Claire Alviar, an analyst at Philstocks Monetary in Manila. Uncertainties over President Donald Trump’s insurance policies are additionally weighing down the market, she stated.

Among the many greatest decliners Friday, conglomerate San Miguel Corp. sank 20% to its lowest shut since January 2016, whereas Alliance International Group Inc. slipped the identical quantity to its weakest degree in additional than 4 years. All besides two corporations within the 30-company benchmark index basket dropped.

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©2025 Bloomberg L.P.

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