Philippine shares fell lower on Thursday on concerns elevated prices would hurt spending this year despite new government data showing the economy grew at its fastest pace in over 40 years in 2022.
By the closing bell, the benchmark Philippine Stock Exchange index shed 0.55 percent, or 38.66 points, to 7,042.70 while the broader All Shares index slipped 0.27 percent, or 9.87 points, to 3,692.89.
The Philippine Statistics Authority said on Thursday the country’s gross domestic product (GDP) grew 7.6 percent in 2022—above the government’s target range of 6.5 percent to 7.5 percent.
Warning signs emerged, however, due to the slower pace of expansion in the fourth quarter at 7.2 percent when compared to the previous quarter and the past year.
ING Bank senior economist Nicholas Mapa said inflation remained a concern despite the impressive growth recorded in the latter part of 2022.
“As potent as it was, we could see this trend fade as [households] look to rebuild savings in 2023,” Mapa said on Twitter.
Services worst hit
All subsectors fell on Thursday, led by services’ 1.64-percent decline.
A total of 1.33 billion shares valued at P5.11 billion changed hands while foreigners were net buyers of an amount totaling P519.2 million, stock exchange data showed.
GT Capital Holdings Inc. was the top traded stock as it rose 2.74 percent to P525 per share.
It was followed by BDO Unibank Inc., flat at P122; Figaro Coffee Group Inc., up 5.62 percent to P0.94; ACEN Corp., down 1.33 percent to P7.40; and Ayala Corp., down 0.13 percent to P748 per share.
Ayala Land Inc. was down 0.46 percent to P32.65; International Container Terminal Services Inc., down 2.59 percent to P211; JG Summit Holdings Inc., up 0.71 percent to P56.90; SM Investments Corp., down 0.32 percent to P942; and SM Prime Holdings Inc., flat at P37.80 per share.