Share prices closed slightly lower Thursday as investors booked profits after the second-quarter GDP print came in at 5.5 percent, still healthy but not brisk enough to stir fresh buying.
The benchmark PSEi slipped 0.09 percent or 5.96 points to close at 6,364.69. The broader All Shares lost 0.1 percent or 3.9 points to 3,776.06.
The market traded in the red for most of the session following the economic data, before trimming losses late in the day. Decliners led advancers, 124 to 73, with 42 stocks unchanged.
Total turnover reached P6.26 billion from 68,801 trades involving more than 685.4 million shares.
Foreign investors were net buyers by P153.38 million, with P3.1 billion in total buying versus P2.94 billion in selling.
The government reported on Thursday morning that the economy expanded 5.5 percent year-on-year in the second quarter—slower than the 6.5 percent recorded in the same period last year.
Quarter-on-quarter, GDP grew 1.5 percent on a seasonally adjusted basis. First-half growth averaged 5.4 percent.
“The Q2 GDP report was not terrible, but it wasn’t great either. I think that also sums up the market’s performance today, with the index closing almost flat,” Alfred Benjamin, head of research at AP Securities Inc., said.
Market consensus pegged Q2 GDP at 5.45 percent, with a median estimate of 5.4 percent.
“GDP is slightly above expectations, but uncertainty lingers as Trump’s tariffs take effect, hitting dozens of US trading partners and potentially weighing on the global economy,” Seth Pangan, trader at Diversified Securities Inc., said.
Luis Limlingan, managing director at Regina Capital Development Corp., said some investors may have been expecting stronger numbers, especially after agriculture posted solid gains.
“Moreover, several companies released their earnings today, impacting both the index and the broader market,” Limlingan said.
“Wall Street has also seen a rebound lately, driven by strong tech performances and growing expectations of monetary policy adjustments,” he added.
