Philippine stocks fall after Q1 GDP growth disappoints

Philippine stock prices fell sharply on Thursday after the country's GDP growth for the first quarter came in below expectations.

The benchmark Philippine Stock Exchange index dropped 1.17 percent or 75.96 points to close at 6,389.49, ending a streak of two consecutive days of gains.

Research head Alfred Benjamin Garcia from AP Securities noted that all sector sub-indexes ended the day in negative territory as investors reacted to the slower-than-expected GDP growth.

The economy grew by 5.4 percent year-on-year in the first quarter, which was lower than the 5.9 percent recorded in the same period of 2024.

Investors also factored in comments from Federal Reserve Chair Jerome Powell about potential economic impacts of new tariffs, signaling no immediate need for interest rate cuts.

Holding firms were hit hardest by the decline, with a 2.02-percent drop, while ICTSI remained the most actively traded stock despite gaining slightly.