The benchmark Philippine Stock Exchange Index (PSEi) tumbled 1.56 percent on Thursday as investors sold down their shares despite government data showing a strong rebound in the economy during the first three months of 2022.
By the closing bell, the PSEi fell 103.56 points to 6,532.30 while the broader all-shares index lost 1.15 percent, or 40.76 points, to 3,517.21.
Local banking and property stocks were battered amid a regional slump after the United States government announced a higher-than-expected April inflation of 8.3 percent.
On Thursday morning, the Philippine Statistics Authority said first quarter gross domestic product (GDP) expanded by 8.3 percent versus the 7.8 percent contraction recorded during the same period in 2021.
“Philippine shares plunged despite the better-than-expected GDP, as sentiment was dragged by hotter-than-expected US inflation data,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Thursday.
The property subsector sank 2.75 percent as Ayala Land Inc. and SM Prime Holdings traded lower while BDO Unibank Inc. and Bank of the Philippine Islands dragged the financials subindex down by 2.28 percent.
A total of 1.59 billion shares valued at P7.42 billion changed hands on Thursday. Decliners outpaced gainers, 128 to 70, while 48 companies closed unchanged.
Ayala Land was the most actively traded during the session as it plunged 4.74 percent to P29.15 per share.
It was followed by BDO Unibank Inc., down 1.78 percent to P126.70; SM Prime Holdings Inc., down 2.04 percent to P33.55; Converge ICT Solutions Inc., down 2.93 percent to P26.50; and PLDT Inc., up 1.27 percent to P1,909 per share.
Other active stocks were Bank of Philippine Islands, down 3.26 percent to P91.90; SM Investments Corp., up 0.36 percent to P828; Ayala Corp., down 1.56 percent to P693; International Container Terminal Services Inc., down 1.47 percent to P214.80; and AC Energy Corp., down 4.62 percent to P6.60 per share.