MANILA, Philippines – Stocks tumbled Thursday after the government reported a weaker-than-expected gross domestic product in the second quarter of 2023.
The 30-company benchmark Philippine Stock Exchange index lost 80.79 points, or 1.23 percent, to close at 6,449.66, while the broader all-shares index declined 34.78 points to settle at 3,445.38.
“The market fell after a surprisingly disappointing Philippine second-quarter GDP print of 4.3 percent, which was below the consensus forecast of 6 percent,” China Bank Capital managing director Juan Paolo Colet said.
Colet said the lower growth raised investors’ concern that full year expansion would be lower than the government’s target range of 6 percent to 7 percent.
“Traders will now turn their attention to July inflation release for market direction,” Colet said.