THE stock market on Thursday plunged to the 6,500-point territory following the release of the country's first-quarter gross domestic product (GDP) data, which came in slower than expected.
THE stock market on Thursday plunged to the 6,500-point territory following the release of the country's first-quarter gross domestic product data, which came in slower than expected.Meanwhile, the Philippine currency ended the day flat against the greenback following the release of the first-quarter GDP figure.By the closing bell, the 30-company Philippine Stock Exchange index had tumbled by 116.72 points, or 1.75 percent, to 6,542.46.
'This was primarily attributed to subdued household spending, which grew by a mere 4.6 percent ... amid persistent inflationary pressures and the ongoing El Niño phenomenon,' Limlingan explained.Foreign investors were net sellers, recording a net outflow of P1.52 billion.Market participation, meanwhile, was quite strong, with a net market value turnover of P5.66 billion — higher than the year-to-date average of P4.98 billion.Except for industrial, which advanced by 0.
Drops To 500 After Q1 GDP Disappoints
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