Share prices opened the afternoon session lower on Thursday after the government reported in the morning that economic growth slowed to 5.5 percent in the second quarter of the year from an increase of 6.5 percent a year earlier.
Analysts said the market found no incentives to buy up shares given that Q2 GDP data came in within the expected range.
The benchmark PSEi slipped 47.14 points or 0.74 percent to 6,323.51 points in opening afternoon trade. The broader All Shares opened the session down 18.32 points or 0.48 percent at 3,761.64.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market considered the GDP results as a “non-event,” given how “it came within the range of several analysts’ projections.”
Japhet Tantiangco, research manager at Philstocks Financial Inc., also said the figures only reflected the developments that happened during the period in review.
