PHL shares tumble on lower-than-expected Q1 GDP

Philippines share prices faltered early Thursday as the market reacted in frustration to first quarter gross domestic product (GDP) data which came in lower than expectations.

As of 10:26 a.m., the benchmark PSEi dropped 84.12 points or 1.08 percent to 7,742.41. The broader All Shares declined by 40.63 points or 0.87percent to 4,612.38.

COL Financial Vice President and head of research April Lyn Tan noted the declines during the morning trade were a direct reaction to the GDP results.

"The market is reacting negatively with the lower-than-expected number," Tan said.

The reaction was expected.

"6.4 percent is below 6.8 percent expectation," IB Gimenez Securities Inc. head of research Joylin Telagan said.

"With US risk sentiment and lower than expected GDP, I expect the PSEi to trade lower," she said. — VDS, GMA News