The benchmark Philippine Stock Exchange Index (PSEi) sank on Tuesday after the World Bank saw the Philippine economy shrinking more than initially expected this year amid the COVID-19 pandemic.
The PSEi ended the session down by 0.34 percent, or 19.79 points, to 5,841.60 while the broader all-shares index fell by 0.28 percent, or 9.88 points, to 3,521.10.
The World Bank said the Philippines’ gross domestic product for 2020 was projected to contract by 6.9 percent—deeper than the 1.9 percent forecast in June.
Still, volume was relatively low with 1.45 billion shares valued at P5.67 billion changing hands on Tuesday.
Holding firms, services and property all declined while financials, mining and oil and industrial subsectors rose.
PSE data showed 109 decliners against 88 gainers while 52 companies closed unchanged.
Dito CME Holdings Corp. was the most actively traded on Tuesday as it gained 11.14 percent to P4.99 per share.
It was followed by Metropolitan Bank & Trust, up 1.31 percent to P38.75, BDO Unibank Inc., up 0.06 percent to P86.50, Jollibee Foods Corp., up 4.1 percent to P144.80, and AREIT Inc., up 0.39 percent to P25.70 per share.