Inquirer
Economic contraction no shocker; profit seekers push PSEi up
The Philippine Stock Exchange Index (PSEi) closed higher by 0.25% on Thursday, with investors seemingly unconcerned by the country's first-quarter GDP contraction.
Analysts suggest that investors have already priced in the weak economic performance and are anticipating a potential easing of lockdown measures after May 15.
The PSEi gained 13.89 points to close at 5,653.16, while the broader All Shares index saw a slight decline.
The Philippine economy contracted by 0.2% in the first quarter of 2020, marking the first GDP contraction since 1998.
Factors contributing to the economic downturn included the Taal volcano eruption, a decline in tourism and trade due to COVID-19, and the imposition of the enhanced community quarantine.
Despite the negative GDP report, the market showed resilience, with expectations that the economy may have reached its lowest point and is poised for reopening.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Philippine share prices declined on Friday, with the PSEi losing 0.55%, due to investor concerns over the economic repercussions of the COVID-19 pandemic.
Read more →
The Philippine economy unexpectedly declined by 0.2% in the first quarter of 2020, marking the first contraction since the fourth quarter of 1998.
+2
Read more →
The Philippine Stock Exchange Index (PSEi) saw a rebound on Monday, May 11, 2020, with a gain of 0.82% to close at 5,667.93 points.
Read more →
The Philippine peso weakened against the US dollar on Thursday, influenced by the country's economic contraction in the first quarter of 2020.
Read more →