PSEi slips on lower-than-expected 3Q GDP

The Philippine Stock Exchange index (PSEi) dropped for the fourth consecutive session Thursday as investors didn't the like slower economic growth in the third quarter. The PSEi shed 27.05 points or 0.66 percent to close at 4,097.49, according to PSE’s online market information as of 12:10 p.m. More than 1.097 billion shares valued at P5.346 billion were traded. Decliners outpaced advancers 74 to 53, while 42 issues remained unchanged. “The market reacted negatively to the slow economic growth. The consensus in the market was that the GDP [gross domestic product] would be anywhere between 6.7 and 7.5 percent," said Astro del Castillo, managing director of First Grade Finance Inc. The the economy as measured by the GDP slowed to 6.5 percent in the third quarter, from 7.9 in the second quarter and 7.3 percent in the first quarter, dragged by weakness in agriculture and other industries that offset strong consumer spending. — Jesse Edep/VS, GMANews.TV