(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 stage 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, harm by sluggish funding, consumption and farm output.
“The bout of continuous weak spot is probably going being underpinned by the shortage of a constructive catalyst,” mentioned 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 stories, he mentioned.
The Philippine Inventory Alternate Index slipped 4% Friday to five,862.59, greater than 20% beneath its October excessive, and the bottom closing stage since October 2022.
The nation’s gross home product rose 5.2% final quarter from a yr earlier, the statistics company mentioned on Thursday. That fell wanting 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 disenchanted buyers, mentioned Claire Alviar, an analyst at Philstocks Monetary in Manila. Uncertainties over President Donald Trump’s insurance policies are additionally weighing down the market, she mentioned.
Among the many largest 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 stage in additional than 4 years. All besides two companies within the 30-company benchmark index basket dropped.
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