Share prices dip to a 4-month low

Philippine stocks Thursday fell to a four-month low after the government reported that the country’s first quarter growth expanded slower than expected.

Marking its sixth straight day of decline, the benchmark Philippine Stock Exchange index (PSEi) fell 1.23 percent, or 93.67 points, to 7,505.03.

Data from the PSE showed that the all-shares index also dropped by 0.97 percent, or 42.40 points, to 4,324.79. All subsectors closed in the red, led by property firms and financials.

A total of 1.34 billion shares changed hands Thursday, valued at P10.66 billion. There were 105 decliners against 60 gainers, while another 53 companies closed unchanged. Miguel R. Camus