The benchmark Philippine Stock Exchange index (PSEi) tumbled on Thursday as investors positioned ahead of the release of the US inflation data while looking past strong domestic earnings and third quarter gross domestic product (GDP).
The PSEi ended the session lower by 1.19 percent, or 74.11 points, to 6,167.57 while the broader All Shares index sank 0.46 percent, or 15.08 points, to 3,277.66.
“Philippine shares followed the rest of the region despite the positively surprising [third quarter] GDP figure that was well above many analysts’ forecasts, as focus will be on the US [consumer price index] coming out later,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.
Inflation is a key metric being followed by the US Federal Reserve, which has been aggressively raising interest rates to combat soaring prices.
This came as local companies reported stronger-than-expected earnings in the third quarter while the Philippine Statistics Authority said on Thursday GDP from July to September grew by 7.6 percent.
PSE data showed 455.6 million shares valued at P4.6 billion changing hands while net foreign buying registered P396.1 million.
Subsectors, meanwhile, closed mixed.