Q3 GDP, Trump presidency concerns hound market

MANILA, Philippines —  A double-whammy of a third quarter economic slowdown and prevailing concerns over a Trump presidency dragged down share prices for a second consecutive session yesterday.

The benchmark Philippine Stock Exchange index plunged by 2.11 percent or 150.98 points to finish the session at 7,014.44.

The broader All Shares index likewise plummeted by 1.97 percent or 78.33 points to 3,891.64.

Philstocks Financial research manager Japhet Tantiangco said investors priced in the negative implications of US protectionist policies on the global economic outlook as Donald Trump won the presidential race.

“Also weighing on investors’ sentiment was the slowdown in the Philippines’ third quarter GDP (gross domestic product) growth to 5.2 percent,” he said.

However, Tantiangco said that trading was strong with net value turnover registering P9.51 billion, higher than the year-to-date average of P5.18 billion.

All sectors were in the red, except for services which eked out a 0.05-percent increase.

The property index took the biggest hit, plunging by 3.94 percent, followed by mining and oil which fell by 2.59 percent.

Market breadth was negative as decliners battered advancers, 167 to 46, while 40 shares were unchanged.

ICTSI was the top traded company, rising by 1.21 percent to P400 per share, followed by Ayala Land which declined by 4.85 percent to P31.40.

San Miguel, which was up by 0.11 percent, was one of the only two index members which finished the session with gains, while SM Prime lost the most with 5.37 percent.