Philippine stocks collapsed below the 7,000-point mark as downbeat overseas markets downed optimism from the local side, particularly news of the economy growing by 7.8 percent in the first quarter.
The Philippine Stock Exchange index (PSEi) subsided by 275.22 points to end at 6,953.35, or 3.81 percent. The wider all-shares index also fell hard, by 133.99 points to 4,298.18, or a slump of 3.02 percent.
Ed Francisco, BDO Capital & Investment Corp. president, said in a text message that the decline in the market was more from global concerns since all other markets were down.
“The better-than-expected GDP [gross domestic product]data should have lifted the market to retry the 7,300-7,400 levels. However, weakness in Wall Street seems to have dampened the sentiments and even regional indices are down too, causing further weakness,” said Jonathan Ravelas, chief market strategist of BDO Unibank Inc.