PSEi closes at lowest point in 7 months amid heavy selling

The Philippine Stock Exchange index (PSEi) closed at 5,828.06, its lowest point in nearly seven months, after plunging 1.71 percent or 101.62 points.

This significant drop is attributed to heavy selling as investors await the release of major economic data this week, including third-quarter GDP and October inflation figures.

Analysts note that traders are likely pricing in the upcoming data, with consensus expecting October inflation to rise by 1.8 percent year-on-year and third-quarter GDP to grow by 5.2 percent.

The projected GDP growth of 5.2 percent falls below the government's target of 5.5 to 6.5 percent for the year.

Factors such as government underspending and tempered business confidence, exacerbated by corruption issues, continue to contribute to investor caution.

The broader All Shares index also experienced a substantial decline, closing 1.24 percent lower at 3,548.90.