GMA News
PSEi inches up after hitting five-year low
Philippine shares edged higher on Wednesday morning, recovering from a five-year low of 5,629.07 points recorded the previous day.
The PSEi was up 76.95 points or 1.37% to 5,706.02 as of 11:10 a.m. on Wednesday, November 12.
The downturn on Tuesday was attributed to worsening investor sentiment regarding the Philippine economy, influenced by disappointing corporate earnings and weaker-than-expected third-quarter GDP figures.
The Philippine economy grew by 4% in the third quarter, slower than the 5.5% in the previous quarter.
Investor confidence remains weak amid the release of key macroeconomic data and corporate earnings, which further dampened sentiment and prompted continued profit-taking and risk-off moves in the market.
All sectors ended in the negative territory on Tuesday, except for services, which climbed by 1.23 percent, while financials incurred the biggest loss at three percent.
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