PSEi stumbles on slower-than-expected Q3 GDP

Philippine share prices faltered during the morning session on Thursday as the third quarter gross domestic product (GDP) fell below expectations.

As of 10:02 a.m., the benchmark PSEi slipped by 74.88 points or 1.07 percent to 6,959.05. The broader All Shares lost 46.58 points or 1.08 percent at 4,252.34.

“GDP coming in below estimates are keeping investors on the sidelines,” Eagle Equities Inc. research analyst Chris Mangun said.

The Philippine economy grew at a slower pace of 6.1 percent in July to September, and compares with the revised 7.0 percent in the same period last year and the revised 6.2 percent in the second quarter of the 2018.

Regina Capital Development Corp. head of sales Luis Limlingan noted the market’s median estimate placed the third quarter GDP growth at 6.2 percent.

Though the market may be pessimistic at this point, bargain hunting may come in later in the session and offset losses during the morning session, BDO Unibank chief market strategist Jonathan Ravelas said. —VDS, GMA News