PSEi retreats to 5,600 on selling pressure, growth concerns

The Philippine stock barometer retreated to the 5,600 level on Wednesday, dragged by selling pressure on heavyweight stocks and concerns over the country’s economic growth outlook, which weighed on investor sentiment.

The main Philippine Stock Exchange index (PSEi) lost 84.31 points or 1.48% to 5,617.23 at the closing bell. The broader All Shares index shed 23.49 points or 0.77% to 3,158.86.

“The local index ended lower, retreating to the 5,600 level as selling pressure on index heavyweights weighed on market performance,” Regina Capital Development Corp. head of sales Luis Limlingan said in a mobile message.

International Container Terminal Services Inc. (ICTSI) was the most actively traded stock on Wednesday, down 57.50 points or 6.59% to 3,165.78 at the closing bell.

“Sentiment was further damped by the IMF’s warning that the Philippines could post Southeast Asia’s fifth-slowest growth this year amid weak investment and elevated inflation,” Limlingan added.

The International Monetary Fund (IMF), in its latest World Economic Outlook, cut its 2026 growth forecast for the Philippines to 3.4% from 3.9% previously, below the Development Budget Coordination Committee’s (DBCC) target range of 3.5% to 4.5%.

Gross domestic product (GDP) grew 2.3% in the second quarter, the weakest performance since the fourth quarter of 2009, excluding the contraction seen during the COVID-19 pandemic lockdowns.

Most sectoral indices closed in the red—industrial by 0.01%, holding firms by 0.09%, property by 0.07%, and services by 4.97%. The financials and mining and oil indices posted gains, up 0.99% and 0.51%, respectively.

More than 778.680 million shares, valued at P6.493 billion, changed hands. Decliners led advancers, 103 to 66, while 76 issues were unchanged. — BM, GMA News

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