Philippine share prices continued their downtrend on Thursday as investor sentiment was dragged by the gloomier forecast of the International Monetary Fund (IMF) on the country’s and the world’s economic performance this year.
The benchmark PSEi shed 70.57 points or 1.14% to 6,118.26 at the closing bell. The broader All Shares lost 42.45 points or 1.17% to close at 3,600.98.
“The International Monetary Fund’s dim forecast for both the local and global economy sent the PSEi lower,” Philstocks Financial said in a daily market analysis report.
The IMF downgraded its economic outlook for the Philippines this year to -3.6% from an earlier projection of 0.6%.
“This downward revision is mostly attributable to larger-than-expected supply disruptions related to COVID-19 and weaker demand in major trading partners,” IMF resident representative to the Philippines Yongzheng Yang said.
The fund, likewise, projects that the global economy will shrink by 4.9% this year.
"The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast," the IMF warned.
More than 1.343 billion shares valued at P6.748 billion, changed hands. Decliners led advancers, 139 to 58, and 38 issues were unchanged. — BM, GMA News
Source: Peso Economics
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