PSEi falls to lowest since Nov. 2023 amid economic uncertainty

The Philippine Stock Exchange index (PSEi) fell to its lowest level since November 2023, dropping by another 0.74 percent or 45.81 points to close at 6,107.66 on Thursday amid investor caution ahead of the US Federal Reserve's policy decision and the release of Philippine GDP data.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco attributed the decline to ongoing uncertainty regarding the Philippines' ability to meet its 2024 economic growth target.

The PSEi is now down by nearly 19 percent from its latest intraday high of 7,554.68 recorded on Oct. 7, 2024, nearing bear territory but not quite there yet as it needs to decline by at least 20 percent.

Among sectoral indices, only Property and Services finished in the green territory, increasing by 0.67 and 0.49 percent, respectively, while Mining and Oil was the biggest loser for the day, declining by 3.13 percent.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the lower-than-expected gross domestic product result in the fourth quarter of 2024 disappointed investors, leading to a decline for the fourth consecutive trading day.