Philippines: Local shares down as market awaits GDP data

MANILA, Philippines — The Philippine stock market ended lower yesterday as investors cashed in ahead of the release of the country’s economic growth data.

The Philippine Stock Exchange Composite index (PSEi) finished at 6,241.68, down 47.42 points or 0.75 percent.

The government will announce its third quarter gross domestic product reading today. It is widely expected that the economy slowed down in the third quarter.

“Investors took profits ahead of key economic data,” said Unicapital Securities.

Investors are also digesting the latest employment data, said Philstocks Financials.

The Philippine Statistics Authority (PSA) reported that the number of jobless Filipinos aged 15 and up hit 2.5 million in September, lower than the 2.68 million estimated in August.

The broader All Shares index slipped to 3,292.74, down 15.01 points or 0.45 percent.

The sector gauges, meanwhile, were mixed with only the industrial and holding firms ending in the green. The rest finished in negative territory.

Total value turnover, meanwhile, reached P5.568 billion while  market breadth was negative, 95 to 84 while 39 issues were unchanged.

Asian shares inched higher yesterday as investors braced for US inflation data due this week and awaited the results of the midterm elections that could signify a power shift in Washington.

Results of the US midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden’s term, with investors expecting Republican gains.

Republicans are widely favored to pick up the five seats they need to control the House, but control of the Senate could come down to tight races in several states.