Stocks down, peso flat on Thursday

By Anna Leah Gonzales

May 9, 2024, 6:16 pm

MANILA – The local stock market ended the day in the negative territory following the slower-than-expected first-quarter economic growth data, while the peso closed flat on Thursday.

The Philippine Stock Exchange index (PSEi) declined by 116.72 points to close at 6,542.46, while All Shares likewise dropped by 35.02 points to 3,481.55.

"The local market plunged by 116.72 points (1.75%) to 6,542.46 as investors were weighed by the dismal Q1 (first quarter) 2024 GDP (gross domestic product) data with growth coming in at 5.7%, falling below expectations and the government’s target range of 6% - 7%," said Philstocks Financial Inc. analyst Mikhail Philippe Plopenio.

Almost all sectors closed in the red except for Industrial which grew by 36.47 points.

Advancers led decliners at 95 to 87, while 43 shares were unchanged.

The peso, meanwhile, closed flat at 57.38 from Wednesday's 57.385 finish.

It opened the day at 57.44 and traded between 57.33 and 57.45.

The weighted average for the day stood at 57.383.

Total volume of trade slightly went down to USD1.09 billion from USD1.15 on Wednesday. (PNA)