PSEi inches up after hitting five-year low

Philippine share prices edged higher on Wednesday morning, bouncing back from the five-year low recorded the previous day when investors weighed concerns over the country's slowing economic growth.

The Philippine Stock Exchange index (PSEi) was up 76.95 points or 1.37% to 5,706.02 as of 11:10 a.m. on Wednesday, November 12. The broader All Shares index gained 29.47 points or 0.85% to 3,495.08.

The local stock barometer closed Tuesday, November 11, down 1.29% to 73.57 points to 5,629.07, the weakest in five years or since it closed at 5,570.22 on May 28, 2020 during the COVID-19 pandemic, as market players took profit.

"The Philippine market ended lower as heavy selling pressure continued to dominate the session," Regina Capital Development Corp. head of sales Luis Limlingan said in a mobile message.

"Investor confidence remains weak amid the release of key macroeconomic data and corporate earnings, which further dampened sentiment and prompted continued profit-taking and risk-off moves in the market," he added.

The Philippine economy grew by 4% in the third quarter, slower than the 5.5% in the previous quarter, and the weakest since the 4.3% growth in the second quarter of 2022. — VDV, GMA Integrated News